by Dana Harrison

Long-Term Care has become one of the hottest employee benefits in Corporate America. Statistics show that 50% of us will require long term care at some point in our lives. Will we receive care in the comfort of our homes or in a private facility? Who will pay for our care? How will this affect our families? These are all important questions to consider.
Good news for C-Corporations! If you are a C-Corporation you can deduct the full premium amount as a reasonable and necessary business expense. The C-Corporation that pays Tax-Qualified Long Term Care insurance premiums as employee benefits for bona fide employees (including employees who are officers and/or stockholders) may deduct the full premium amount as a reasonable and necessary business expense.
Other advantages include:

• The employer paid premiums may be excluded from an employee's gross income.
• Claim benefits are generally income tax-free.
• The corporation may decide which employees will receive Long Term Care Insurance coverage.

No doubt, the ability to pay for Long Term Care in the setting we choose is vitally important. The attractive tax advantages for C-Corporations makes the purchase of Long Term Care insurance much more affordable.
As a member of VAMMHA you will receive significant savings for yourself, your employees and family members. Call our fellow VAMMHA member, Dana Harrison for more detail on your association discounts at 804-290-8739.