Long Term Care Insurance

Over the years, people have shied away from long-term care insurance (LTCI) for various reasons. One of the main reasons is the worry of paying premiums for a number of years and never needing the benefit.
Insurance companies are now offering an alternative to straight LTCI to ease concerns of paying premiums and never needing the benefits. Asset-based long-term care is an option that permits a person to invest in (generally) a whole-life insurance policy or an annuity product. The assets can be arranged to pay for some long-term care expenses when needed. The proceeds from such a care plan to pay for long-term expenses are not subject to (federal) income taxes.
The important feature of the care plan is that if the person does not use the long-term care feature, the life
insurance or annuity passes to the beneficiary on the policy or the person’s estate. Therefore, the premiums
are not wasted.
If you have any questions about your long-term care issues, please contact Joseph P. Mattera, Esq. at
jmattera@pselaw.com or call 937-223-1130
AUTHOR: Joseph Mattera

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