What you need to know about long term care.

It’s not something we like to think about, but most Americans will face a time when they need assistance to care for themselves.  Whether you’re thinking of yourself or a loved one, we all must be well versed in long term care and other elder care programs in order to be prepared. 

AARP’s CEO Jo Ann Jenkins has written an article calling attention to what she refers to as a deeply flawed long term care system.  She explains what long term care is and what is at risk today. Take a few minutes and learn more about the system you may one day depend on.

>>Long Term Care: The Crisis Everyone Must Face

Making Long-Term Care Insurance More Affordable

The Long-Term Care Affordability Act, introduced in the House of Representatives, would reform the tax code to make long-term care insurance more affordable and accessible and help older adults better prepare for long-term care costs.

  • It would let people withdraw funds from their 401(k), 403(b), and individual retirement accounts to pay for long-term care insurance.
  • Up to $2,500 of a withdrawal used to pay for long-term care insurance would be excluded from income tax annually.
  • Withdrawals also wouldn’t be subject to the 10% early withdrawal penalty tax.

>>Click here to read more.