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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,
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โˆ™ 2015-07-14 16:05:27
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Q: Can 401K or IRA money be used to pay for long term care insurance?
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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.


What are some companies that sell long term care insurance?

Companies that sell long term care insurance are American Fidelity Assurance, Berkshire Life Insurance, MedAmerica Insurance and Prudential Insurance.


Is long term care insurance the same as long term disability insurance?

Long-Term Care insurance protects asstes, disability income protects incomeNo, long term care insurance covers all the costs of a caregiver that is not covered by Medicare, Medicate and disability insurance. These services are quite extensive and expensive.


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


Does warren buffet have long term care insurance?

I don't know, but I would imagine he has enough money to 'self-insure'.


Where can one take out a long term care insurance policy?

One can take out a long term care insurance policy from several different places. Some of the places in which one can take out a long term care insurance policy from are: Long Term Insure Me, and Own Your Own Future.


Does medical insurance cover long term care insurance?

There are various companies that cover different types of needs.If you are looking for Long Term Care coverage, ask your insurance carrier. If they don't cover it, there are places out there that do.The internet,phonebook and your friends can be excellent ways of finding what you are looking for. Basically, medical insurance do not cover or pay all long term care (LTC) services, medical insurance is focused on health care while long term care insurance is focused on custodial care. It may provide skilled care for a limited period of time only.


Where is the best place to acquire AARP long term care insurance?

The only place to acquire AARP long term care insurance is directly from AARP. AARP partners with insurance companies to offer these insurance policies.


What is the cost of Long term care insurance?

The cost of long term care insurance depends on your purchase age, location, and the benefits and policy features you choose.


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 can one compare long term care insurance rates?

One can contact insurance companies directly or work with a broker to collect and compare offers for long term care insurance. Alternatively, websites like Compare Long Term Care can provide such a list for comparison.


Is portable life insurance the same as long term health care?

No. You will only get "insurance" from an insurance company.


Does Warren Buffett own long term health care insurance?

Long term care is NOT an annuity. It is a health insurance policy which provides both skilled and custodial care for policy holders. Instead of sending the client to a skilled nursing facility, a good long term care policy will provide both types of care at the clients home. Also, how is using someone else's money for your needs rather than spending you own money "not a good investment"? Insurance is about passing on the bulk of the financial risk. to the insurance company so you don't go broke in the event of an emergency. Health care costs is the number 1 reason seniors are declaring bankruptcy in America. A good long term care policy helps protect a client's assets. Instead of a person having to "spend down their assets", they can use an insurance company's money to pay for their post hospitalization care (long term care) and stay at home doing so. Have a Long Term Care policy for my wife and myself from Bankers Life & Casualty. Call your local Bankers agent to get more information.


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 check the limits of tax deduction for long-term care insurance:


How can one apply for a long term care insurance premiums?

One can apply for long term care insurance premiums by visiting the Federal Long Term Care Insurance Program website. One can view different plans and also read information regarding the plans and costs.


What health insurance is best for the elderly?

There are certain Long-Term Care Insurance that will reimburse or help supplement the cost of care for a senior in a private home. The service for senior care must still be paid directly to the agency, Long Term Care Insurance will be directly reimbursed to the client.


What is meant by long term care insurance costs?

Long term care insurance costs may refer to the costs incurred from a long term health condition such as cancer, cystic fibrosis, paralysis, HIV Aids or any number of other long term conditions. Insurance companies may have strict policies and limits when it comes to long term care insurance costs.


What has the author Valerie VanBooven written?

Valerie VanBooven has written: 'Aging answers' -- subject(s): Insurance, Long-term care, Long-term care, Older people 'The Senior Solution' -- subject(s): Long-term care, Long-term care insurance, Older people


When should one consider buying long term care insurance?

Cost-wise, you'll pay significantly less per month if you purchase long term care insurance when you're in your mid 40s than you will spend when you buy long term care insurance in your mid 60s.


What is the cost of long term care insurance per state?

There is really no fixed rate for the cost of long-term care insurance, it may vary depending on several different factors. These factors include age, health, state of your location, extent of coverage and even the insurance company where you choose to buy long-term care insurance