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LTC for Business Owners >> 5 Reasons to Offer LTCI to Your Employees
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5 Important Reasons to Offer Your Employees LTCI.
- Get the best talent; keep the best talent.
A benefits package that includes LTCI is likely to give you a competitive advantage in today's tight labor market. If trends continue, this sort of coverage will become essential, and for that reason alone, it's wise to begin offering it now.
- Big benefit, small (or no) cost.
Offer LTCI as a benefit where employees are responsible for paying premiums or subsidize coverage for certain groups of employees - the choice is yours. Either way, you offer your employees an affordable and highly desirable benefit.
- Take advantage of the tax benefits.
Generally, benefits from employee paid plans are not taxable. You, as the employer, may be able to deduct the costs of establishing a LTCI plan for employees and for any contributions towards premiums. All employer contributions to tax-qualified LTCI premiums should be excluded from the taxable income of employees.
- Show that you understand and are responsive to your employee's needs.
The need to plan ahead for LTC is one of the most critical issues facing the workforce today. Some multi-life programs extend eligibility to spouses, parents, step-parents, grandparents and in-laws, which helps employees plan for their own needs as well as those of their families.
- Improve your bottom line.
Offering your employees an effective way to manage LTC costs helps them focus on their careers, which can have a very positive effect on your company's bottom line.
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