As an employer, perhaps you've seen the toll it takes on employees who are distracted by having to care for an elderly parent or dependent. The responsibility is not only stressful, but it also affects their productivity at work. At the same time, many of your employees may be baby boomers who worry about the high cost of care if they have to personally enter a nursing home or other long-term care facility at some point.
You can help maintain your workforce's productivity, offer your employees a valuable employee benefit and achieve significant tax advantages by making group long-term care insurance part of your employee benefits package.
For you and your employees, a serious health problem or other issue that requires special care can have a detrimental impact on personal financial security. Research shows that more than 40 percent of all people over the age of 65 will enter a nursing home or similar facility during their lifetime. And their stay will often be for several years. You can't count on the limited benefits offered by Medicare. With the rising cost of such care, it won't take long for your assets to be exhausted.
Furthermore, one in 10 employees today are caregivers of elderly or ailing parents or dependents. Many of their needs must be tended to during the workday. As a result, these employees spend valuable work time making phone calls or taking their dependents to appointments. If those dependents had long-term care insurance, their needs might be met very well in another way. And the employees could keep more focused on their work.
The best protection against the soaring cost of long-term care is planning carefully for the future. Long-term care insurance can help protect your assets and your family from substantial medical costs if you are unable to handle the normal activities of daily living. It will cover a stay in a nursing home, assisted living facility or other type of arrangement, or skilled or custodial care in your own home.
Pinnacle approaches long-term care insurance as an important planning tool for employers. We create a group long-term care insurance plan for you and your employees that meets your collective needs and objectives. The premiums paid by the company are tax-deductible, and not considered income to employees. In addition, long-term care insurance is considered a discriminatory benefit, enabling you to select the key employees you want to insure.
Pinnacle is one of the first benefit and wealth planning firms to craft group long-term care insurance plans, which are typically sold only on an individual -- and thus, more costly -- basis. With our deep knowledge of this marketplace, we have put together a network of reputable long-term care insurance providers and a highly effective system for matching them with the particular needs of you and your employees.
All of our plans are customized. In many cases, however, we can develop group coverage that covers employees and their spouses, as well as offers their parents a discount (although parents pay their own premiums). We can construct different premium payment options to maximize your company's tax deductions or offer tax advantages to your employees. And we make it an important component of your
estate plan.
Protect your company's future and the personal future of yourself and your key employees by offering a group long-term care insurance plan. Please
contact us to learn how Pinnacle can help you with this important employee benefit.
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