Your need for long-term health care coverage may be a long way off, but it’s never too early to start thinking about what could happen to your company if you became disabled or seriously ill.

Extended nursing care costs are rapidly on the rise. Consider this: According to the AARP Bulletin, the national average for a day of assistance in a nursing home in 2006 was $194, not including medications, therapy or rehabilitation. If you were to need such care and did not have coverage, you could quickly use up your personal and business assets. With long-term insurance, you can rest easy because you know your business will be protected.

The benefit to your business now is in the tax write-off. In most cases you can deduct the cost of setting up a long-term health care plan for your employees as well as the contributions you make toward paying premiums. Depending on your business structure, the deduction can be as much as 100%. Unlike some other benefits, you can legally offer long-term care to only those employees you choose to cover.

But be sure to read the fine print. Policies vary widely in both cost and coverage. Factors to watch out for include the types of care covered (adult day care, assisted living, nursing facilities, etc.); the number of triggers (inability to bathe, dress, feed yourself, etc.) you need to exhibit before benefits kick in; the amount of the deductible; the benefit period; and the availability of an inflation rider. Look for a policy from a licensed insurance company with a solid track record whose premiums have not risen too dramatically over the years. To learn more, speak with your insurance agent.