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Thinking Ahead

Take (long-term) care.

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This story appears in the September 2005 issue of Entrepreneur. Subscribe »

As Americans age, long-term care insurance may prove one of the most important insurance products on the market. The coverage pays for assistance when a person is unable to care for himself or herself because of a prolonged illness or disability, and it might make a smart addition to your benefits package.

According to Murray A. Gordon, president of Maga Ltd., an insurance agency based in Deerfield, Illinois, that specializes in long-term care insurance, the coverage offers advantages to both employers and employees. Like health insurance, employer-paid premiums are usually tax-deductible, benefits are tax-free, and employees can take their coverage with them if they retire or leave the company.

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