Long-Term Care Insurance Expert Shares Annuity Planning Strategy for Seniors
Summary
“A significant percentage of non-qualified annuity owners designate this asset as something they’ll use in case of an emergency health care cost. Certainly, long-term care is included in their thinking.”The problem, according to Slome, is the fact that proceeds withdrawn from non-qualified annuities can become taxable income. “Today, there are a few non-qualified annuities that meet IRS regulations so that all proceeds withdrawn for long-term care costs are not taxable,” Slome explains. “They will provide a multiple that significantly increases the available benefit pool of dollars available to pay for long-term care costs. The organization posts relevant information such as the 2024 Long-Term Care Insurance Price Index and other statistics and data at https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2024.php.