Today's Practice: Changing the Business of Medicine TP2018Q2DigitalEditionWeb | Page 70

P RA CT I CE MA NA GE ME NT
Long Term Care Insurance
Matthew Dean
The long term care insurance industry has evolved to
help keep up with today’s economic dynamics of paying
for extended care. There are policies available that
provide unlimited benefits – benefits are payable wheth-
er you need care for a few years, a decade, or more.
There are also policies that guarantee your rate will
remain unchanged. There are even some that provide a
death benefit if you don’t need care – thus you use your
benefits if you need care or your heirs receive a death
benefit if you don’t. There are many choices when it
comes to designing a long term care insurance plan.
Sole proprietors, C-Corps, Partnership’s,
LLC’s, and S-Corps have various tax
incentives when paying for long term
care insurance.
meet the author:
Employers can benefit from offering coverage to their
employees – and this insurance is not subject to the
same rules as health insurance benefits. Employers can
provide coverage to a select group of employees, and can
choose to fund none, some, or all of the premium.
Whether or not an employer funds any of the premium,
providing access to advice and guidance regarding this
planning can be a valued employee benefit. You might
have a younger staff not concerned with this planning –
but perhaps concerned that their parents have failed to
plan. An employer program can extend eligibility to
spouses, parents, and even grandparents.
Sole proprietors, C-Corps, Partnership’s, LLC’s, and
S-Corps have various tax incentives when paying for
long term care insurance. In addition, some states
provide deductions or credits for individuals paying for
their coverage. There are even some federal deductions
available although they tend to be harder to qualify for.
And don’t make the mistake of thinking you are already
covered. Your major medical insurance does not cover
long term care. When you are 65 and on Medicare,
Medicare does not cover long term care. And if you have
military benefits, Tricare also does not cover long term
care. If you don’t own long term care insurance, your
finances can be compromised when you need care.
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Matthew Dean
Vice President
MarketPlace Group
LTCI Partners
Matthew Dean has been involved in the long term care
insurance industry for 26 years. He spent 24 years at USAA
and the last 7 years at LTCI Partners where he leads a team of
knowledgeable specialists whose only focus is on long term
care insurance. They offer a full range of long term care
insurance solutions from over ten different companies to help
address the varied needs of both businesses and consumers.
Through a special arrangement, Today’s Practice has selected
LTCI Partner’s to provide you with a free consultation from a
knowledgeable long term care insurance specialist. They can
help you determine the appropriate plan whether you are
inquiring just for yourself or for an entire practice.
TODAY ’ S P R A C T I C E: C H A N G I N G T H E B US I NES S OF M EDI C I NE