As our population ages, more and more people will be at risk of not being able to afford their own long-term care – or care for an aging parent or other relative.
I have seen the prohibitive cost of long-term care wipe out the savings of loved ones and their family.
“How Small Business Can Provide Long-Term Care to Employees at a Low Cost,” Carol’s recent post on the Bank of America Small Business Community, provides important information on how you might be able to get affordable long-term care insurance for yourself and your employees. Carol begins:
As small business owners, we are often so focused on the day-to-day running of our businesses that we overlook benefits we can be creating and receiving – at a low cost – for ourselves and our employees.
We also overlook the importance of planning for ourselves and our loved ones. As Baby Boomers age, more entrepreneurs’ and employees’ lives are disrupted by having to become caregivers for parents and grandparents. And, as individuals age, the costs of caregiving for ourselves can make a big dent on our financials.
As my Future File legacy planning business is all about preparing families to deal with emergencies, aging and end-of-life issues, I spend each day talking about the importance of planning for long-term care. And, as there is a way to deduct premiums related to long-term care coverage, I thought it was important to spread the word.
I talked to Marc Glickman, a Long-Term Care expert, Actuary, and CSO of LifeCare Assurance, to share some of the reasons why this is important and how you can go about taking advantage of this benefit as a business owner.
Carol Roth: Why should small business owners be thinking about funding Long-Term Care insurance now?
Marc Glickman: The risk of outliving our money has become a reality as we live longer. As we age, everyday costs can increase because we may need caregivers to help us with our activities of daily living (aka “long-term care”). Long-term care may even be needed at younger ages because of an accident or disabling disease like dementia.
Often, family will step in to provide informal care rather than paying for professional help. Initially, this might be manageable, but extended long-term care often disrupts the life of the caregiver.
You can read the rest of the post here.