Contact: David Frankil
ARLINGTON, VA – NAFCU Services Corporation today announced that Preferred Partner Burns-Fazzi, Brock has expanded its solution category to include long term care insurance for credit unions. Burns-Fazzi, Brock has been the NAFCU Services Preferred Partner for executive benefits and compensation since 2006.
Late last year, the NCUA issued a letter affirming that federal credit unions can offer long term care insurance to board members. In Opinion Letter 10-0913, NCUA noted that federal credit unions may provide voting members of their boards with reasonable long term care insurance, even if the insurance protects against some areas of risk outside of the board service.
“Long term care covers a wide range of services but generally falls into two categories – skilled care and personal care. Skilled care is provided when you are recovering from an illness or injury and personal care helps you maintain the activities and functions of daily life,” said Chris Burns-Fazzi, principal at Burns-Fazzi, Brock. “Long term care insurance is designed to cover the costs of caring for someone who is no longer able to manage day-to-day tasks without assistance. Many people do not realize that long term care is not covered by health insurance or disability insurance, and it can be as expensive as $200 or $300 per day.”
“This is a great opportunity for credit unions to offer a special benefit to their board in appreciation for all their hard work,” said David C. Frankil, president, NAFCU Services Corporation. “And as with all benefit discussions, whether for the board, executives or employees, there should be adequate discussion and due diligence performed to determine the risks and rewards of any plan. It is important to have industry experts assist in the process, and we’re proud to have Burns-Fazzi, Brock on board to help.”
Learn more about the NAFCU Services/Burns-Fazzi, Brock partnership and listen to a recent podcast on the topic of long term care insurance for credit unions at www.nafcu.org/BFB.
About NAFCU Services Corporation
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers 29 Preferred Partner programs to the credit union community and maintains the credit union locator website CULookup.com. For more information about NAFCU Services Corporation, please visit www.nafcu.org/nafcuservices.
About Burns-Fazzi, Brock
Burns-Fazzi, Brock is a leading compensation consultant to credit unions. Since 1995, it has provided an increasingly wide range of retirement benefits and other compensation-related services to financial institutions. The organization aims to help credit unions recruit, reward and retain its talented executives.
Burns-Fazzi, Brock’s broad expertise in the complex tax, accounting, legal, regulatory, funding and administrative issues that govern the use of benefits/compensation programs by financial institutions allows it to deliver a wide range of solutions to its clients. For additional information, please visit www.nafcu.org/BFB or call Tyler Quigley at 888-494-8911.