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:2/10/2016)... ... February 10, 2016 , ... Early this week, Team Iconic at ... of Nestlé KITKAT as the first global confectionery brand sourced from 100% sustainable cocoa. ... the quality of their product, through activities that focus on better farming, better lives ...
(Date:2/10/2016)... ... February 10, 2016 , ... As part of its ongoing series of ... Each webinar features a dynamic expert and thoughtful presentation to give attendees a ... facilities. Both events are free to attend, but registration is required. ...
(Date:2/10/2016)... ... February 10, 2016 , ... Emergency rooms provide emergency care to ... this can leave patients with dental emergencies at risk of losing a tooth or ... dental care. , Common dental emergencies include:, , Avulsed ...
(Date:2/10/2016)... ... 10, 2016 , ... Intalere’s 2016 Executive Forum, taking place ... the country’s top healthcare executives to share insights on transformational strategies to drive ... is the provider-centric perspective, experience, expertise and strategy shared by the participants,” said ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... Emmy award winner and inspirational speaker Jan Fox will serve as keynote speaker ... Boldly will provide participants with tools to more effectively communicate with their own ...
Breaking Medicine News(10 mins):
(Date:2/10/2016)... OR AKIVA, Israel , February 10, ... Ltd., a leader in the field of cartilage repair, ... on February 5, 2016. The $15 million investment was ... leading Chinese pharmaceutical manufacturer, and was joined by existing ... Financial Holdings and both the Technion Research & Development ...
(Date:2/10/2016)... New York , February 10, 2016 ... Growth, Trends and Forecast 2015 - 2023 ", reveals that ... rather slow growth from 2015 to 2023 owing to patent ... a meager CAGR of 1.30% during the forecast period, the ... to US$38.9 bn in 2023. --> Antibacterial Drugs ...
(Date:2/10/2016)... 2016  Silicon Biosystems Menarini Inc., a developer ... uncover the biological complexities of disease at the ... of innovative technologies for genomics research, today announced ... enabling translational researchers to obtain high-quality sequencing results ... and normal cells in an optimized and seamless ...
Breaking Medicine Technology: