Navigation Links
Long Term Care Insurance for Business Owners & Executives: Tax Benefits Often Overlooked
Date:2/24/2009

Welcome Relief for the Hard-Pressed Business Sector

KIRKLAND, Wash., Feb. 24 /PRNewswire/ -- For people in business, there's good news on the long term healthcare front. They can often insure themselves for less, thanks to favorable tax legislation. "Most owners or executives can use company dollars for a tax-deductible plan for themselves, their spouse, and dependents," says Denise Gott, Chairman of the Board of LTC Financial Partners LLC (LTCFP), one of America's most experienced long term care insurance agencies. "This is huge, but most business people miss out for lack of knowledge."

*(PHOTO 72dpi: Send2Press.com/mediaboom/08-1210-DeniseGott_72dpi.jpg)

*(Photo Caption: LTC Financial Chairman of the Board, Denise Gott)

For millions of owners and executives, the dollar savings are threefold (when all conditions are met):

(1) The LTC policy is paid for, often completely, using company funds; and the payments are treated as a tax-deductible business expense.

(2) The premiums are not usually added to the business person's income (with some exceptions), adding no personal tax liability when the conditions are met.

(3) The benefits, when claimed, are tax-exempt.

"For most companies, even small ones, this can make a difference of hundreds to many thousands of dollars a year," says Gott. "Benefits for medium to big companies can range into the hundreds of thousands to millions." Associations and non-profits also stand to benefit.

The benefits apply, in varying ways, to sole proprietorships, partnerships, C-corporations, S-corporations, and limited liability companies. The business entities have the choice of providing the tax-favored insurance just for the owners and their spouses and dependents; or to selected executives important to the organization's success (in an "executive carve out"), or to all employees. When all employees are to be covered, the business has the choice of paying all or some of the premiums, or paying nothing and simply presenting the insurance as an employee-funded benefit option.

"Employees appreciate the coverage option even when they pay," says Gott, "because many carriers offer organizational discounts." Also, a payroll-deduction plan may be implemented, adding convenience.

Details are available from LTCFP's more than 500 state-licensed agents nationwide. They may be found at http://web.ltcfp.com/ltcfp/find-agent.aspx.

This release was issued on behalf of the above organization by Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com


'/>"/>
SOURCE LTC Financial Partners
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Lack of insurance drives El Pasoans across the border for healthcare
2. Consumer Watchdog to U.S. Senate: Dont Leave Consumers Out of Health Reform Debate, Public Opposes Mandatory Purchases of Private Insurance & Supports Opening Medicare to Everyone
3. Torchmark Corporation to Present at Merrill Lynch Insurance Investors Conference
4. Obesity, Lack of Insurance Take Toll on Young Americans
5. Consumer Watchdog Calls on HMO Regulator to Disclose Communications With Insurance Companies Regarding Autism Coverage Denials
6. BLIS™ Announces Alliance with Surgical Review Corporation to Offer Surgical Complication Insurance Coverage for Bariatric Surgery Center of Excellence Designees
7. Colonial Penn Life Insurance Company Introduces Innovative Approach to Shopping for Life Insurance With EZissuelife.com
8. Guardian Highlights the Importance of Critical Illness Insurance During American Heart Month
9. Six In 10 Americans Support Opening Medicare as a "Public Option" to the Private Insurance Market; Public Willing to Pay Through Payroll Deductions
10. Lowering Health Insurance Member Disenrollment Can Generate up to $100 Million in Incremental Revenue for Health Plans
11. Lowering Health Insurance Member Disenrollment Can Generate Up To $100 Million In Incremental Revenue For Health Plans
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... TX (PRWEB) , ... October 13, 2017 , ... ... planning agency serving communities in the greater Dallas, Miami, and Raleigh regions, is ... boy fighting to overcome a rare and deadly chromosome abnormality. , After struggling ...
(Date:10/13/2017)... ... ... The American Board of Family Medicine's (ABFM) Board of Directors has selected Warren ... James C. Puffer upon his retirement. Dr. Newton will serve in the position of ... end of 2018. Upon assuming the role of President and CEO on January 1, ...
(Date:10/13/2017)... ... October 13, 2017 , ... Lori R. Somekh, founder of ... ElderCounsel, a national organization of elder law and special needs planning attorneys. “Membership in ... It also provides a forum to network with elder law attorneys nationwide,” said Somekh. ...
(Date:10/13/2017)... New York, NY (PRWEB) , ... October 13, 2017 , ... ... most influential people in business to advocate for action towards gender equality at their ... 18,000 views from around the globe, and reached a social audience of over 3 ...
(Date:10/13/2017)... ... October 13, 2017 , ... Coveros, a ... has been awarded a contract by the Center for Medicare and Medicaid Services ... accelerate the enterprise use of Agile methodologies in a consistent and high value ...
Breaking Medicine News(10 mins):
(Date:10/10/2017)... Oct. 10, 2017   West Pharmaceutical Services, Inc. ... for injectable drug administration, today shared the results of ... for improving the intradermal administration of polio vaccines. The ... Summit in May 2017 by Dr. Ondrej Mach ... World Health Organization (WHO), and recently published in the ...
(Date:10/4/2017)... , Oct. 4, 2017 ... single-use, self-contained, illuminating medical devices, today announced regulatory ... Health Surveillance Agency (or Agência Nacional de Vigilância ... first single-use, cordless surgical retractor with integrated LED ... optimal access, illumination and exposure of a tissue ...
(Date:10/2/2017)... , Oct. 2, 2017 The Rebound mobile ... the struggle to reverse the tide of prescription drug addiction. ... regulating their medicine intake and stepping down their dosage in ... to launch in December 2017; the first 100,000 people to ... more at http://www.rebound-solution.com/ ...
Breaking Medicine Technology: