What would you like to do?

Can 401K or IRA money be used to pay for long term care insurance?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

Can 401K or IRA money be used to pay for long term care insurance?

Unfortunately not. You can use the new Medical Savings Account system, though.  
You may use your money to buy what you want, but you may have penalties for withdrawing the funds. The cost of care may rapidly deplete those savings. One option would be to roll your IRA into a fixed annuity that earns interest, and have that interest assigned to pay the premium for long term care insurance.  
Yes in most cases you can, by taking a small part of the money, such as the interest.It depend on the company the money is with.. And the law says that a certain amount of the money paid on long term care is tax deductible. If you or self employed it may all be ded. Also congress is working on making it all tax deductible,
1 person found this useful
Thanks for the feedback!
Can you move money from a self-directed IRA to a 401k account?

Can you move money from a self-directed IRA to a 401k account?

In some cases, people want to transfer the money from their IRA to 401(k) plans. Some of the reasons why people may take such a move are -They have too many retirement account

Who needs long term care insurance?

No one really knows if they will be needing long term care in the  future, but there are several factors to consider. Your age, your  health or family's health history, your
What is long-term care insurance?

What is long-term care insurance?

Long-term care (LTC) insurance provides for a person's care in cases of chronic illness or disability. Update: In Philippines there is company called Kaiser that offers Long

Can you pay off a 401k loan with another IRA account?

First, Never borrow from your 401k plan.   You can pay off your 401k loan with money form any legal source. The money does not need to be deducted from your pay check. That

When does long-term care insurance begin?

Long-term care insurance benefits start to kick-in when you're no  longer able to do two out of the six Activities of Daily Living  (ADLs). These are eating, walking, bathin

Can an 80 year old get long term care insurance?

If he can, the premium will be so high it would not make sense.  Some insurance companies will also turn down coverage to people of  a certain age.    ANSWER:  

Is Long term care insurance necessary?

Studies show that 70% of Americans will need long term care services at some point in their lives. Medicare and medicate don't cover most the costs associated with long term c

What insurance companies offer long term care annuities?

Forethought Financial Group will soon offer ForeCare which is an annuity with a LTC rider with all the benefits available under the Pension Protection Act of 2006.

Who pays for long term care?

The government offers long term care but you may opt to purchase one for yourself for a more extensive coverage. In fact, there are various sites online which offer free LTC q

What is long term care insurance?

Unlike medical insurance, long-term care insurance can cover all  the assistance you would need if you had a chronic or debilitating  illness. If you're unable to care for y

Does long term care insurance pay for assisted living care?

Long term care insurance offers a wide range and variety of services. Depending on the policy you choose, your long term care insurance may pay not only for assisted living bu

Do long term care insurance companies pay benefits when the insured goes blind because of macular degeneration or do they deny the claim and say he can still do activities of daily living?

Any illness that may lead to vision impairment necessitates the  need for long-term care. Even people suffering from glaucoma which  may lead to blindness may claim benefits
Is long term care insurance worth the money?

Is long term care insurance worth the money?

A long-term care insurance may be worth the money depending on what  the policy offers. However, it would be advisable to channel some  of the funds to other forms of invest

Are both a 401K and an IRA considered to be a money market account?

A money market account (MMA) and a 401(k) plan are not the same. The former is a type of savings account while the latter is an investment account. Some of the key differences

What are the tax advantages of long term care insurance?

Long term care insurance can be tax-deductible if you purchase a  tax-qualified policy. There are many tax advantages to doing so,  but paying your premium through a busines

What are the odds of needing long term care insurance?

Your chance of needing private long-term care insurance is very  high. With the way people live their lives, sooner or later they'll  develop a major health problem. One's n