Long Term Care Employer-Paid Benefits
One of the most difficult challenges facing employers
in the current labor market is attracting and retaining high quality staff. To this end, offering an attractive benefits package can set you apart from the others. More and more businesses are realizing the advantages of including a Long Term Care insurance program as one of their employee benefits - in particular, an employer-paid program. Offering such a program can also allow you federal tax deductions for qualified premiums.
Offering your employees Long Term Care insurance
Offering your employees Long Term Care insurance is one way of conveying to them you value their contributions.
This sense of appreciation makes employees feel more confident about their financial future and promotes a positive work environment. As a result, you maintain quality staff and protect your bottom line.
Tax advantages of providing LCT coverage
The Health Insurance Portability
and Accountability Act of 1996 can allow your C Corporation to get a 100% deduction for tax-qualified Long Term Care insurance premiums paid for an employee or employee's spouse or dependents.
You also have the option of offering Long Term Care insurance benefits to select employees or creating a
voluntary plan for your entire staff at a discounted rate. This means that you can offer Long Term Care insurance in a manner that fits your budget. Premiums paid are not included in your employees' gross income, and benefits are tax-free.
S Corporations, LLC's, Partnerships and self-employed individuals can also take advantage of tax deductions up to certain amounts. Regardless of
your business type, companies will work with you and your financial advisors to create a program that fits your business needs.
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