Most times when you think about an IRA account, you think about retirement. But, some people are now considering IRA-based, long term care policies to plan for their future long term care needs. These policies can be started by taking a portion of your IRA and transferring it tax free, trustee to trustee. This account will also pay out a tax free death benefit to your beneficiary.
IRA-based, long term care policies will pay out a monthly benefit for your care once you need it. You can then decide how this money is used. If you choose to stay in home, you can use your monthly benefit to pay for all the care you need in order to stay home. You may also choose to use it to pay for the benefits offered from assisted living facilities, adult day care, or a skilled nursing care home.
Another great benefit of a IRA-based, long term care policy is the idea that if you ever decide to withdraw your money, most policies offer a full refund of premiums paid. With so many people concerned about how their money is spent and how much will be left to beneficiaries, this is a low risk option to allow you to pay for long term care.
