Solving the LTCI funding dilemma with an HSA

health-insurance

The concept has been around for at least a decade or more, but High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA) really only started to gain traction in the workplace within the last few years… so it's possible your clients are now contributing their tax-free dollars to an account with favorable incentives for LTC planning.

Ask your clients if they own an HSA or if they are eligible to open one. This would be a great way to fund their LTC benefit using pre-tax dollars from the account.  It could pay a part of their long-term care insurance premium or cover the entire premium expense (click here for 2015 Tax Deduction Limits for Long Term Care Insurance).

Genworth created a fantastic summary to keep advisors aware of the HSA opportunity, “Helping a Client Use an HSA to Pay Long Term Care Insurance Premiums.”

 

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Topics: Workplace Benefits,, Group LTCI,, Employee Benefits

Written by Trina Brown

Trina Brown is a business development lead for employee and executive long-term care solutions at LTCI Partners, LLC, one of the nation’s largest Long-Term Care Insurance (LTCI) retail and wholesale brokerage enterprises. Trina graduated from Florida State University, where she received a BS in International Finance. After graduation, Trina remained countryside and accepted a position to launch Capital Administrative Services, Inc. (CAS), a new third party administrator for employee benefits out of Tallahassee, Florida, and served as Executive Director and Board Vice President until 2012. During Trina’s tenure with CAS she procured voluntary benefits for over 110,000 state employees and helped secure CAS as a leader for employee benefits and individual life insurance planning in the State of Florida. Trina’s determination to enhance the awareness for long-term care planning resulted from her dual role where she served as Director of Long-Term Care for Capital’s sales agency and worked in tandem with Capital’s Regional Vice President’s to develop and implement retail product and sales training for agents. Now for over a decade, Trina has had the pleasure of helping brokers, advisors and consumers find a long-term care solution and she understands the challenges in starting a dialogue about this type of planning. Whether serving consumers directly, or supporting professionals who do, Trina is committed to providing LTC awareness and peace of mind so that more Americans have a plan in place to protect their family’s well-being, retirement income and comfortable lifestyle in those “Golden Years.” Trina is a member of the National Association of Insurance and Financial Advisors (NAIFA) and shares the passion to protect the business of insurance and financial services. Trina served as former President Elect of the NAIFA Tallahassee and current First Vice President and Membership Chair for NAIFA Chicago, where she also lives downtown in the River North area.

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