Long term care is care or help you might need for conditions related to the natural aging, an accident, disability, chronic illness, or cognitive impairment. It is the type of care you need when you are not able to care for yourself, or attend to your own activities of daily living, like, bathing, dressing, toileting, transferring or continence issues.. Long term care can include in-home care ( shopping, cooking, cleaning), community care (adult day care or alzheimers day centers), assisted living care and nursing home care.
Dream on. The government thinks it is already addressing the problem by the implementation of Tax Qualified policies as an incentive for companies and individuals to assume responsibility for their own care. NYS has a 20% tax credit being implemented in 2003.
The best time to purchase LTC coverage is when you’re young and in good health. If you wait too long, you may not qualify based on changes in your health. The older you get, the tougher it is to face that potential eventuality. Believe it or not, studies show that most seniors don't identify with other seniors. I'm not like those old people! The good news is that the younger you are-the lower the premium!
Today, Americans are living longer than ever before. What that means is that millions of employees are finding themselves with many roles. Parent, caregiver to a parent, single mom, single dad, loaded with the stresses of everyday life and survival. For you, as an employer, the results of this struggle can be all too real: low morale, absenteeism, and ultimately falling productivity. In fact in a recent study it was found that....
The annual cost to companies for worker’s lost productivity because of eldercare responsibilities was estimated at $17 billion dollars per year, or $3142 per employee
The Wall Street Journal, July 19, 1998
To address these issues, your business can offer your employees individual, tax-qualified, long term care coverage for themselves and their loved ones. You will have the ability to offer a very attractive benefit as a voluntary program at no cost to your business and without any additional paperwork. If you want to assume the cost, you can, as a C- Corporation, take a full deduction on the premiums that you contribute. Click here for information on tax-deductibility for individuals, C-corps, S-corps, LLC, etc. Tax Facts.(Coming Soon)
In the current workplace, a good employee benefit package is worth alot. In fact, good benefits are good business, making your business more attractive both to existing and prospective employees. If your business depends on recruiting and retaining the best employees, then this program with the LIA could give you a competitive advantage.
There are many reasons that you should consider taking a look at this type of coverage now. Chances are at this young age, you're in good health. Although the company will accept individuals that have had various types of illnesses or conditions, such as cancer, bypass, heart attack-without these kind of conditions you can qualify for a "preferred rate discount". Then if you experience any health problems later in life, you already have protection.
Premiums are based on your age at the time you enroll. The younger you are, the lower your premiums are! Premiums will not increase because you grow older, or become ill, or use the benefits. Premiums will be adjusted only if premiums are adjusted for everyone in the class or group of whom you are a part. This must be approved by the NYS Insurance Department.
Finally, long-term care insurance is purchased with your good health! Although our awareness of our own mortality usually increases as we age, none of us, at any age, is immune from experiencing a chronic or debilitating illness. If you do experience such an illness in the future, then you may not be able to qualify for a long-term care plan, or if you do qualify it will cost you more.
Disability plans do not cover long-term care costs. Long-term disability plans usually replace your lost income, Therefore, disability plans are not designed to pay for the expenses of long term care services. Long-term care insurance can help guard your personal and financial security by providing benefits that help pay for a variety of long term care services in a wide range of settings. We like the focus of our policies to be on Home and Community -based care. Who really wants to go into a nursing home? So many wonderful programs are available in the community and home that people will be able to stay in the life that they know, with their own easy chair, or to be able to look out into their own garden surrounded by memories.Remember, Disability Insurance replaces working age income.
Group medical plans, HMO’s, or other health insurance policies generally provide little or no coverage for long term care expenses. These address the major medical scenarios.
What would happen in the future if an employer decides not to offer long term care insurance as a benefit or if I change jobs?Long term care insurance is a "financial planning tool" and actually offers protection for your investments. Long term care insurance not only protects your investments and your family assets but also offers you and your family with invaluable peace of mind. You will be able to receive your desired type of care, where and when you need it. The chance of needing some type of long term care is greater than 1 in 2 or (50%). That's why it is important to have long term care insurance, because the chances of your using it are so high. People build their financial portfolios by careful planning and often sacrifice for the ones that they love. Long-term care is the embodiment of prudent planning because it serves to protect your investments from the increasing costs of long term care. One long term, debilitating illness can wipe out a large part of your assets! (As of 1999, one-year of long-term care services can, in the New York area, cost you approximately $105,000/year.)
The latest surveys indicate that people will have many more than just the one, lifetime job. Take it with you!!! Also, if you transfer to another state or change jobs, your policy will remain in force. You and your family members’ policies are portable and will remain in force, protecting your investments, no matter what happens in the future.
Yes, if your Association is a member organization of the Long Island Association. In fact your company doesn't even have to formally develop this program, although we highly recommend that they do, individuals and employees who know that their company or entity is a member can simply tell us what their affiliation is and they and the family members are all entitled to the 10% LIA discount. Traditionally, a company standing on its own would not qualify for this 10% group discount unless you had 200 or more employees. With the Long Island Association membership, if you are a one man shop or a 5,000 employee company, you get the discount.
Here are some harsh realities of needing long term care
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