I read a MarketWatch article by Bill Bischoff regarding Long Term Care Insurance and thought I’d share the information.
Below are quick bullet points on what the article covers:
- First part of article explains how Long Term Care Insurance works.
- When you should sign up for Long Term Care Insurance?
(Hint: When you are still young and healthy is the best time.) "The premiums are based on your age and health factors at the time you enroll. Enrolling at age 65 could cost twice as much or more than enrolling at age 55. Your overall health status needs to be good when you apply for coverage or you won’t be accepted at any age. After you obtain coverage, it will remain in force - regardless of changes in health and advancing age - as long as you pay the premiums.”1 - The 3rd part of article goes on to explain whether Long Term Care Insurance benefits are tax free.
- The last part of the article explains whether you can deduct LTC insurance premiums?
Click the web link below to read the entire article:
1. Source: MarketWatch article by Bill Bischoff
https://www.marketwatch.com/story/how-to-protect-your-savings-if-you-or-a-family-member-requires-long-term-care-2019-08-12
Contact me at (941) 404-5334 to discuss your long term care options and/or get you started on the right track of getting yourself insured.