Long Term Helath Care Insurance?

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RE :Long Term Helath Care Insurance?

I'm 65 and recently found some money that is due me, but can only be used for LTHCI unless I want to pay taxes on it, (which I don't really want to do). It is not a great deal of money, under $15,000. Given my age, what are the things I should look at when considering LTHCI? I know this is awfully late in the game to begin this type of policy, but the money can only be used for that, or is subject to taxes. Thanks in advance.

Update: My mom has an insurance policy that she took out years ago. You are absolutely correct that it was an agent that told me it could be spent on her children's LTCI without taxes, but no other way. I sort of knew about this policy, but didn't pay much attention to it until an agent said it could be spent on my LTCI without having to pay taxes.. I think you have pointed out that I need to look into this further. I really appreciate your thoughtful responses.

Follow 5 answers

What are the circumstances surrounding that you can only use the money to buy a long term care policy? I think you're mistaken on that premise. If it's HSA money, then you can keep it in an HSA and can use it for other things other than LTC premium without paying taxes. That was the only thing in my mind that I could find that you could possibly be referring to.

What you should look for is a good agent.

There are many different parts to a Long Term Care policy and they can be tailored to fit nearly every situation so it is difficult to pinpoint what you should consider. The agent can help you pick the best options for you. There is no charge using an agent.

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RE :Long Term Helath Care Insurance?

I'm 65 and recently found some money that is due me, but can only be used for LTHCI unless I want to pay taxes on it, (which I don't really want to do). It is not a great deal of money, under $15,000. Given my age, what are the things I should look at when considering LTHCI? I know this is awfully late in the game to begin this type of policy, but the money can only be used for that, or is subject to taxes. Thanks in advance.

Update: My mom has an insurance policy that she took out years ago. You are absolutely correct that it was an agent that told me it could be spent on her children's LTCI without taxes, but no other way. I sort of knew about this policy, but didn't pay much attention to it until an agent said it could be spent on my LTCI without having to pay taxes.. I think you have pointed out that I need to look into this further. I really appreciate your thoughtful responses.

Follow 6 answers

At your age the premiums will be high but if you have extra bucks you can use it for that. You do understand that this type of policy is for nursing care.