No one knows when they’ll need long-term care, but having insurance to cover the sky-high costs becomes desirable for many employees.
Are you looking to buy long-term care insurance? There are a few things you need to know! The good news is that these days, people are living longer. However, the bad news is that as we get older, people become sicker and require long-term care facilities. But these institutions are becoming increasingly more expensive. Currently, most people who get long-term care receive this care at home. With more older adults seeking to obtain long-term care in the house for as long as possible, the costs are skyrocketing. But it’s not just home care that is seeing this massive uptick in price. Assisted living facilities are also seeing an increase in costs. As a result, caring for older adults is becoming increasingly more expensive than before.
How Does Long-Term Care Insurance Work?
When your employees purchase a long-term care insurance (LTCI) policy, they are in essence obtaining a benefits policy to receive money to pay for qualified long-term care costs. The MWE Partnership’s long-term care insurance plan guards your employees and all their assets when they need to be admitted to a long-term care facility. Long-term care planning is essential for everyone but becomes a priority for those who are in closer to the end of their careers.
What Is The Best Age To Purchase A Long-Term Care Insurance Policy?
There really is no set age for anyone to purchase a long-term care insurance policy. Everyone’s financial situation is different and individualized. As a result, people have different reasons for prioritizing certain insurance products over others. Typically, long-term care insurance is available for employees who are between the ages of eighteen (18) and seventy-nine (79) in most states. However, that being said, it is typically advised to get long-term care insurance as soon as you can afford it because you really never know when you might need long-term care coverage.
Tax Advantages Associated With Long-Term Care Insurance
There are specific state and federal tax incentives that come with purchasing a long-term care insurance plan. The purpose is to decrease the reliance on state and federal funded aid programs like Medicare and Medicaid. Therefore, if you are a company looking to get a little tax break at the end of the year, it might be beneficial to offer your employees a long-term care insurance plan.
Get Your Supplemental Long-Term Care Insurance Policies With The MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. With The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! Also, be sure to like our Facebook page, follow us on Twitter, LinkedIn, and Google+ for all the latest voluntary benefit news!