Long-term care insurance is becoming a popular benefit offered by employers. Employees want to work for employers that offer a competitive salary, comprehensive health benefits, retirement and, increasingly, long-term care insurance.

According to a 2017 survey by Genworth, a leading provider of long-term care insurance, four out of five Americans want the option of buying long-term care insurance at work. That option was shared by all three generational groups surveyed: Millennials, Generation X and Baby Boomers - but was slightly higher among Millennials.

Whether the business is a sole proprietorship or a national corporation, long-term care insurance can be offered as a company benefit. Unlike most company benefits, which prohibit the employer from discriminating, long-term care insurance can be offered on a limited or unlimited basis at the company's discretion. Employers with multiple participants may receive simplified underwriting for themselves and their family members, including parents and partners, and the coverage is portable if they leave their employer. Depending on the number of participants, group discounts may apply.

Advantages for Employers:

• Premiums are 100 percent tax deductible to corporations
• Employers can offer coverage on a "voluntary basis," enhancing their benefit packages without changing the bottom line
• Adding long-term care insurance expands the employer benefit offering, leading to increased loyalty and a less anxious workforce
• Long-term care insurance can minimize employee leaves and lost productivity to care for relatives

Advantages for Employees:

• Simplified underwriting makes it easier to qualify for coverage
• Long-term care coverage can be offered to family members including partners and parents
• Employees purchasing their own tax qualified policies receive their benefits tax-free
• Premiums may be 100 percent tax deductible on all or part of the premium on their federal tax return

Facing the need for long-term care insurance is difficult both emotionally and financially. Employers are in a perfect position to make long-term care insurance available to their employees so that their employees are assured they have coverage at an affordable cost.

Maximize your employee benefits with long-term care insurance. Your employees will thank you, and you will be glad you did.

For more information, contact Barbara at Barbara C. Oberman Insurance Services as (818) 436-2703 or email her at barbara@obermaninsurance.com.