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Can 401K or IRA money be used to pay for long term care insurance?
Wiki User
∙ 8y ago
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,
Wiki User
∙ 8y ago
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What's the difference between a 401k and a Roth 401k?
The 401k is not taxed but the Roth 401k will be best in the long run as the money you get out wont be taxed then.
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 investments for the future.
What is the allowable tax deduction for long term care insurance premiums?
The allowable tax deduction from your long-term care insurance premiums depends on your age. The general rule is that the maximum amount of your deductible money is higher if you are older. Check the related link below to check the highest amounts of tax deductible money from long-term care insurance premiums for the year 2014
How can you find long term insurance care cost?
There are many ways to find long term insurance care. Long term insurance care can be found on websites such as Nationwide, LongTermCare, and CompareLongTermCare.
Which companies offer federal long term care insurance?
The Federal Long Term Care Insurance Program (FLTCIP) specializes in offering federal long term care insurance to eligible groups and their relatives.
Where can one find long term care insurance?
One can find long term care insurance at many various health insurance websites like Blue Cross and Blue Shield. They have many options for long term care insurance.
Does warren buffet have long term care insurance?
I don't know, but I would imagine he has enough money to 'self-insure'.
Are there insurance policies that cover only custodial care?
An insurance policy that covers custodial or personal care is a long term care insurance, generally, long term care insurance covers things that are not covered by health insurance. If you are unable to perform activities of daily living, or need assistance due to disability and chronic illness, long term care insurance covers these services. However, you need to buy it before your develop a condition that would require you to be on long term care
What year did mass mutual introduce long term care insurance?
Mass Mutual introduced long term care insurance in 1997.
Does GE offer long term care insurance?
GE sold its long-term care insurance business to Genworth Financial in 2004. Genworth Financial now offers long-term care insurance products.
Can I use my health savings account to pay for long term care insurance premiums?
Health savings account are tax free, and the money that was supposed to pay the taxes can be used for long term care expenses
Where is the best place to acquire AARP long term care insurance?
The best place to acquire AARP long term care insurance is directly through the AARP website or by contacting their customer service. AARP partners with insurance companies to offer long term care insurance plans specifically designed for their members.
