It May Soon Be Easier to Pay for Long Term Care Insurance
Congress is currently discussing a potential bill which would enable investors to withdraw up to $2,000 per year tax-free in order to pay for long term care insurance premiums. Introduced by Senator Patrick Toomey from Pennsylvania, the bill would also permit retirement savers younger than 59 ½ to withdraw assets for this purpose without the traditional 10% penalty, which might encourage younger buyers to purchase long term care insurance. This is legislation that will be interesting to watch as long term care services can be expensive, whether in a nursing facility or with a home health aide.
This information is provided for general educational purposes only and not as specific advice for any individual.
Seek professional advice before taking any action in regard to your finances.