Long Term Care Insurance is a fast growing employee benefit
that is expected to explode in the near future. By 2005, it
is estimated that 1 out of every 3 workers will be more concerned
with caring for a parent than a child.
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In 1999, over 3000 employers in the U.S. offered Long
Term Care insurance to their employees and close to one-third
made a contribution to the premium the previous year.
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There are many different types of benefit packages available
to businesses, and employers like having a variety of options.
They may want a plan that covers all coverage, or they may
want a part-coverage plan and have their employees pay for
additional coverage.
The government is encouraging Long Term Care employee benefits
by increasing tax incentives. Benefits issued on Jan 1,
1997 and later are tax-free to employees whether the employer
or the employee pays the premium.
Legislation may be the spark, but increased employee demand
is the firewood that fuels the growing amount of Long Term
Care benefits.
Read more about employee demand on the following page.
