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 .


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,
Thanks for the feedback!

I my divorce decree I get half of my ex's 401k can I use any of that money to pay bills with out a penality or tax against me?

No. You won't be able to use it for bills without having to pay 20% in taxes. Usually the 20% in taxes is taken out before you get your money. For example if you are to get $1

Can you get long term care insurance at age 68?

Yes, you can still get long-term care insurance at age 68, however, the premiums you are going to pay will be more expensive compared to someone who got it in a younger age, s

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

Are long term care insurance premiums tax deductible?

Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expense

Is my 401k and IRA protected from foreclosure?

If by "foreclosure" you mean that the mortgage lender is taking your home back, yes they are prtected. However, if you really mean BANKRUPTCY, no, they are NOT protected, sinc

What is nonparticipating policy in long term care insurance?

Consider this situation: if the cost, in a nursing facility for  example, exceeds on the agreed policy, the insurance company will  assume the difference without asking the

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

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 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