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

Where can you get long term care insurance quotes?

Here is advice: I recommend you talk with a local agent who can getto know your circumstances. Let them explain all the optionsincluding alternatives to traditional LTC insura

What is long term care insurance?

Unlike medical insurance, long-term care insurance can cover allthe assistance you would need if you had a chronic or debilitatingillness. If you're unable to care for yoursel

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 whatthe policy offers. However, it would be advisable to channel someof the funds to other forms of investments

Who needs long term care insurance?

No one really knows if they will be needing long term care in thefuture, but there are several factors to consider. Your age, yourhealth or family's health history, your gende

Which of these terms is the amount of money you must pay each year to cover your medical care expenses before your insurance policy starts paying?

Deductible- A+ The deductible is the terminology. Note that depending upon the terms of the policy, there may be both an individual deductible (that is, per person), and a

Where can you get long-term care insurance?

There are very few companys issuing policies for long term care anymore. Most companies are only issuing Group policies to companys who offer it to their employees. If you are

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

Is long term care insurance deductible?

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

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 Lo

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 yo