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Part 5 – LTC For Employers

LTCI A New Employee Benefit

Long-term care insurance may be one of the newest and fastest growing employee benefits. There are tax incentives to employers for purchasing long-term care insurance for their employees. Employers can pay for all the coverage, part of the coverage, or have employees pay all the cost. Typically employers are willing to fund part of the plan and then allow the employees to purchase additional coverage.

Recent studies show that lost worker productivity due to caregiving is currently costing employers between $11 billion and $29 billion annually. “MetLife Juggling Act Study” Mature Market Institute, November 1999

Two-thirds of the employees who participated in a 1999 National Council on Aging/John Hancock Survey reported they would like long-term care insurance to be offered at their workplaces.