You’ve heard it before: the best time to buy Long Term Care Insurance is before you need it. Now, you may not have an option. Thirteen states are considering taxing you, if you don’t have a long-term care insurance policy. And as Peter with Richon Planning explains to Erin Kennedy, he believes we will see more and more states adopt the tax.
However, there are ways to prepare for the tax and for the cost of LTC Insurance. Following the passage of the SECURE Act, you may be able to buy LTC insurance directly from your 401K! Distributions from those plans would be exempt from the 10% penalty on early distributions as long as they’re used to pay premiums for high quality, long-term care insurance.
Having a plan for long-term care is vitally important; seven out of ten people will need long-term care at some point in their life. If you’d like to talk through your options for healthcare or long-term care insurance, please call Peter at (919) 300-5886 or make an appointment by visiting www.RichonPlanning.com
