Long-term care is a term we’ve all heard at some point in time when talking insurance. And sure, maybe we’ll get it someday, but why worry about it before we really need to think about everything long-term care entails? Perhaps you’re in good shape, have no underlying health issues, and have a good family history. The truth is, you could still benefit from a long-term care policy, even in tip-top health. Here are just a few ways you could benefit by purchasing long-term care sooner rather than later.
With tax season on most people’s minds at the moment, many of us are looking for all the deductions and credits to work toward either finding the best return possible or at least breaking even. Thankfully, if you own an LTC policy, you can use your premium as a tax deduction, given you itemize your deductions alongside a few other factors. Tax-qualified premiums are considered a medical expense, given they are more than the current amount required to meet someone’s AGI.
As always, consult your tax professional before making any major decisions.
Like life insurance, many long-term care policies are cheaper if you buy it in your younger years. It may seem like an unnecessary cost, but it could pay off in the long run. Over half of Americans age 65 and up will require some form of long-term care service, so just like saving for retirement, purchasing long-term care is a delayed investment in your future.3
Finding the right long-term care policy can be challenging, but with proper research and the help of a seasoned professional can put you in the right direction. At American Retirement Institute, one of our experienced educators can help walk you through the ins and outs of LTC in a no-pressure environment. Start your journey by registering for an online or in-person course today!