Taxes … hard to avoid them. Few people like them. However, your knowledge of how Long Term Care and taxes impact each other can help you not only make appointments, but close appointments and maybe even lead to multi-life and executive carve-out opportunities. Your knowledge of Long Term Care and taxes can even get you into CPA’s, financial advisors and lawyers and perhaps enable you to partner with them.
I just reviewed the newest Long Term Care tax guide published by John Hancock. Hancock also has a current list of state tax incentives for Long Term Care. Other carriers have had similar guides in the past. This gives anyone in the Long Term Care insurance industry a way to market to other professionals whose client’s may need a plan for the physical, emotional and financial burdens Long Term Care places on family and friends.
One idea is to email the PDF of this guide to area CPA’s and financial advisors as a gift from you. Tell them you are a Long Term Care Specialist and give them information on your experience and background. Offer to educate them and their staff on the issue of Long Term Care. What is it, how does it impact family and employers, what the government and health insurance covers and how affordable Long Term Care insurance happens to be.
This might open the door for opportunities to work together. Even if you don’t get immediate responses they may remember you down the road.
Many times these professionals understand they really don’t know enough about Long Term Care and the solutions available. Many CPA’s, financial advisors and lawyers call ACSIA and ask to work with one of our specialists. These arrangements work very well for the professionals involved and especially for the client.
When speaking with prospects ask them if they own a business. C Corps can deduct 100% of the premium and any company can discriminate … meaning they don’t have to offer plans to all employees. Executive carve outs for key employees and ownership is very attractive to many companies.
In addition, some people are looking for tax deductions. Self-employed people can deduct the premium for both them and a spouse on their schedule C (based on IRS chart).
Read the tax guide … and use this information to work with other professionals and their clients as well as your prospects as another reason to get together!