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U.S. Chamber of Commerce Inks Discount Program for LTC Insurance

Wed, 04/04/2001 - 11:00pm — Karen Stevenson
Description: 

Massachusetts Mutual Life Insurance Company has signed a deal with the U.S. Chamber of Commerce to offer a tax-qualified long-term care insurance product to member businesses at a 15% discount. The Chamber reports that 2/3 of Chamber members surveyed said that they regard the high cost of long-term care as a major concern, and nearly half reported that they had taken time during the workweek to attend to the daily living needs of a relative or friend. Yet only one in eight respondents currently own long-term care insurance and three-fourths have not budgeted for the cost of long-term care.

Most business owners surveyed said they would be more likely to buy long-term care insurance if they could do so on a pre-tax basis, and just over half said they would be more likely to offer long-term care as an employee benefit if there were better tax incentives to do so.

Massachusetts Mutual Life Insurance Company has signed a deal with the U.S. Chamber of Commerce to offer a tax-qualified long-term care insurance product to member businesses at a 15% discount. The Chamber reports that 2/3 of Chamber members surveyed said that they regard the high cost of long-term care as a major concern, and nearly half reported that they had taken time during the workweek to attend to the daily living needs of a relative or friend. Yet only one in eight respondents currently own long-term care insurance and three-fourths have not budgeted for the cost of long-term care.

Most business owners surveyed said they would be more likely to buy long-term care insurance if they could do so on a pre-tax basis, and just over half said they would be more likely to offer long-term care as an employee benefit if there were better tax incentives to do so.