LTC Tip: Pay for Long Term Care with Tax Free Dollars

Did you know that long term care (LTC) insurance premiums may be paid for with tax free dollars?

Contributions to an Health Care Savings account (HSA) have increased by 7% in 2024. A single person can contribute up to $4,150: couple limit is now $8,300.

Depending on age, some to that money can be used to pay for LTC policies.
From age 51 to 60, that is $1,560: 61 to 70 – $4,160, and plus 71, $5,200.

So, if I have this right, long term care benefits are tax free and some or all premiums are tax free.
Then, if the premiums exceed the limit, the balance is tax deductible!

And, beginning in 2026, a person under 59 1/2, can withdraw from their 401K or IRA to pay premiums without a penalty!
I think the government is trying to tell us something.

Do not wait another day. Schedule a call with a Certified Long-Term Care Specialist and avoid the cost of waiting! Schedule a call: www.calendly.com/jimbetter. Find more resources in our blog.

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