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,
117 people found this useful
Thanks for the feedback!

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

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

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 do you offer in long term care insurance?

Long term care insurance offers protection from financial problems brought about by the expensive cost of long term care services that continues to keep rising. Also, this can

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

Is long term care insurance deductible?

If you are referring to tax deductibility, yes, long-term care  insurance is tax deductible. Age determines tax deductibiliby.  Please refer to the related links below to ch

What is the best long term care insurance?

Depending on your state, age, health, married or not - a good agent can find several options for you. Features that you can add to a good Long-Term Care plan are: Cost of Livi

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

What risks are there with long-term care insurance?

Long-term care insurance policies can be expensive and may be restrictive in what they provide. Before purchasing the policy, persons should be certain. The only risk is you

Can you transfer money from a self-directed IRA into a 401k account?

Doing a "rollover" from a 401(k) to an IRA just means moving the  money from one tax-advantaged account controlled by your employer  to another tax-advantaged account contro

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

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