The increasing need for long term care and the
impact it can have on a family's financial security has
become an issue of national concern. Long term care insurance
up until recently has been a product primaily sold on an
individual basis. However, more and more companies are recognizing
the seriousness of this issue and are taking steps to help
their employees understand and protect against the financial
risks associated with long term care.
Companies offering long term care insurance
to their employees through payroll deduction have tripled
in the past year and many more companies are scheduling
enrollments in the coming year. Most of the work site coverage
is being offered on a voluntary basis, however, there is
a susbstantial increase in company funded coverage.
Many of the programs are being offered with
guaranteed issue once certain minimum participation requirements
The government is continuing to offer attractive
tax deduction benefits to not only those individuals privately
purchasing long term care insurance, but also to the companies
offering the coverage.