Benefits Spotlight: Long-Term Care Insurance

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The long-term care insurance (LTCi) industry is constantly changing. First thought of as a tool for high net worth clients, long-term care insurance’s perception is changing from luxury to necessity. With the cost of healthcare on the rise, and the life expectancy of humans increasing, the need to plan for future care is critical at every age.

Most American’s work hard all their lives to save a nest egg for retirement. With the retirement age getting older, the baby-boom generation preparing for retirement, and the potential instability of social security, long term care is the future of health care.

As studies show, today’s elders are having to use their personal assets, such as homes and retirement funds, to help support their own, or their loved one’s medical care. Declining health conditions are difficult enough on a person’s mental and physical health, do not let these sometimes unforeseeable circumstances take your family by storm. Firmly establish your nest egg with long term care for you and your family.

Besides the obvious benefits of long-term care, the Federal Government is also increasing the benefits of purchasing long-term care for its citizens. Recognizing that the government can’t pay the bill for long-term care, federal, (and a growing number of state tax codes) now offer tax incentives to encourage Americans to take personal responsibility for their future long-term care needs. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) included provisions for favorable tax treatment of qualified long-term care insurance contracts.

The Campus Way promotes the education of long-term care and how it can best be implemented for your school system and employee’s needs. With various options and choices to consider, contact Campus Benefits to discuss the best fit for your school system.


Benefits

  • Dental

    icon_dentalBecause comprehensive dental coverage is such a popular employee benefit, most employees are willing to pay for the cost of coverage. With group coverage, employees can afford quality protection for their entire family at low group rates.

    Combined with the tax advantages of a §125 Cafeteria plan, employees can further reduce their “actual contributions / premiums” by using pre-tax dollars. Best of all, employers can offer the benefits employees want, while reducing payroll taxes.

    Furthermore, if your employees are not currently enrolled in a dental plan and they visit a dentist twice a year for routine check-ups, then they are most likely paying more for those two cleanings than for an entire year of dental coverage.

  • Vision

    icon_visionVision healthcare is as important as dental and health coverage; majority of coverage includes checkups, glasses, and contacts. Vision care is part of preventative care that can help catch things early. With group coverage, employees can afford quality protection for their entire family at low group rates.

    Combined with the tax advantages of a §125 Cafeteria plan, employees can further reduce their “actual contributions / premiums” by using pre-tax dollars. Best of all, employers can offer the benefits employees want, while reducing payroll taxes.

  • Long-Term Disability

    icon_ltdLong-term disability coverage is one of the most cost-effective ways to provide for the human and financial expense that occurs when an employee suffers a lengthy disability. Consider the Social Security Administration study that stated 19% of male insured workers and 15.3% of female insured workers who attained age 20 in 1986 will be unable to work for a certain period of time before they reach age 60.

  • Short-Term Disability

    icon_stdShort-term disability coverage provides peace of mind because when an employee suffers a disability, often the loss of a paycheck can be equally debilitating. Generally, an employee is able to use vacation or sick leave to cover a short disability; however, many times short-term disability coverage is the only financial security that can prevent depletion of savings during a temporary time of need.

  • Life

    icon_lifeThere are many objectives that the ownership of a life insurance policy addresses, the most important of which it provides is peace of mind to the loved ones you leave behind. A good life insurance policy can replace loss of income, pay for domestic services for the surviving spouse, protect future insurability, support and fund a child’s education, pay final expenses or home mortgages, along with a host of other options. Life insurance should be purchased according to your stage in life to take care of the dependents and/or expenses you currently have and those you will incur in the future.

    There are three basic types of Life Insurance:

    • Level Term Insurance, the death benefit and premium remain the same for a specified period of time such as 10, 15, 20 or 30 years.
    • Return of Premium is much like term insurance with the death benefit and premium remaining level for a specified period, but at the end of the period if you have not used the insurance, you received the entire premium back in a lump sum.
    • A Permanent Life Insurance plan, unlike term insurance, does not expire. Permanent life insurance plans combine a death benefit with a savings portion. This savings portion can build a cash value — against which the policy owner can borrow funds, or in some instances, the owner can withdraw the cash value to help meet future goals, such as paying for a child’s college education.
  • Long-Term Care

    icon_ltcFirst thought of as a tool for high net worth clients, long-term care insurance’s perception is changing from luxury to necessity. With the cost of healthcare on the rise, and the life expectancy of humans increasing, the need to plan for future care is critical at every age.

    As studies show, today’s elders are having to use their personal assets, such as homes and retirement funds, to help support their own, or their loved one’s medical care. Besides the obvious benefits of long-term care, the Federal Government is also increasing the benefits of purchasing long-term care for its citizens. Recognizing that the government can’t pay the bill for long-term care, federal, (and a growing number of state tax codes) now offer tax incentives to encourage Americans to take personal responsibility for their future long-term care needs. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) included provisions for favorable tax treatment of qualified Long-Term Care insurance (LTCi) contracts.

  • Supplemental

    icon_supplementalSupplemental coverage is voluntary, which means your benefit package is strengthened with products at group rates with no additional cost to your budget.

    Benefit consultants have long praised the need for coverage associated with certain catastrophic diseases or illnesses. Cancer, Heart, and Intensive Care are the leading coverages that employees want and need.

    Voluntary coverage is designed to help you with the following aspects of your life:

    • Loss of Income incurred if you or your spouse are unable to work or are required to take care for a family member.
    • Basic Living Expenses which include house or rent payments, automobile payments, basic utilities such as telephone, gas and electric, and groceries.
    • Direct Insurance Costs due to benefit limitations, co-payments or deductibles.
    • Special Needs and Expenses such as transportation or hotel bills for family members, special diets, and childcare.
  • International Medical

    icon_imAlthough stated on page two of the United States passport, most consumers are unaware their medical coverage stops at the U.S. border. This leaves travelers vulnerable to 100% out-of-pocket medical expenses while traveling abroad. Due to the obvious need of constant medical coverage, the International Medical product was created. International Medical allows for consumers to travel with the peace of mind knowing they are protected. For as little as $2.00 per day, coverage is available for each individual traveler. Online enrollment is available in less than five minutes and coverage begins immediately upon enrollment.