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Is Long-Term Care Insurance Right for You? Key Considerations
ARTICLE | July 10, 2024
Authored by Vasquez + Company
As life expectancies increase, the likelihood of needing long-term care rises. This article explores the necessity and benefits of long-term care insurance, offering peace of mind by protecting your assets from being wiped out by nursing home costs. It outlines what long-term care insurance covers, its potential tax benefits, and important policy features to consider.
Key Points
- Rising Need: Longer life expectancies mean more people may require long-term care.
- Coverage Gaps: Health insurance and Medicare provide limited coverage for long-term care, while Medicaid requires depletion of most assets to qualify.
- Policy Features: Look for policies with adequate benefit amounts, inflation protection, and coverage for various types of care without restrictive requirements.
- Tax Benefits: Limited tax deductions are available for premiums, and benefits from qualified policies are generally tax-free.
For more information, read the full article here.
Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose
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