Research shows that over 70% of people over the age of 65 will need Long Term Care (LTC). Currently, there are four ways to pay for LTC: self funding, family payments, government payments (after depleting personal resources), and LTC insurance. LTC insurance can help offset costs that may not otherwise be covered by traditional health insurance or disability income insurance policies. It can ease the financial burden for care givers and safeguard the assets in their retirement portfolios.

Studies show that more than one in six working Americans assists with the care of an elderly or disabled relative or friend. If you are caring for a loved one in this situation, you understand and may be struggling to manage your responsibilities. As an individual, you may be able to help yourself by purchasing LTC insurance, which can offer you resources and solutions as you prepare for your future.

Some benefits that LTC insurance can offer include:

  • Shared benefits for couples is available
  • Couples pricing lowers individual pricing
  • Full underwriting rewards good health
  • Flexibility in choosing home, community, and facility options


If you have employees who are also caring for loved ones, you may understand those responsibilities can reduce their productivity. Some may need to leave the workforce altogether, leading to the expensive process of recruiting, hiring, and training new employees. Employees who stay may feel overwhelmed because, in addition to the financial toll caring for a loved one can take, it can also take an emotional and physical toll. The effects that having employees in care-giving roles can have on your business include:

  • More business interruptions due to emergencies
  • Increased stress leading to health issues
  • Increased absenteeism
  • Decreased productivity
  • Decreased ability to travel

As an employer, you may be able to protect your business while helping your employees by offering LTC insurance as a benefit. Including LTC insurance in your company’s benefits package can attract and retain valuable employees. In certain cases, employer contributions to LTC plans may be tax deductible to the employer and excludable from the employee’s income. For tax advice according to your unique circumstances, consult with your qualified tax professional.

Whether you are an individual exploring your options or a business looking to add this coverage to your benefit plan, Prestige International Insurance Group is uniquely qualified to provide you with choices and information to help make a decision that is right for you. To learn more, contact an agent today using this request form.