In order to use your HSA to pay LTCI premiums the policy must be considered tax-qualified, which most already are. You can speak to an LTC Specialist if you have questions about qualifying. The amount you can withdraw tax-free depends on your age, and will go up with each decade.
|Tax-free HSA Withdrawal Allowed to Pay LTC Premiums|
|40 & under||$420|
|41 – 50||$790|
|51 – 60||$1,580|
|61 – 70||$4,220|
|71 & up||$5,270|
If you choose not to utilize your HSA to pay a portion of your LTCI premiums, you may still be able to qualify those premiums as a tax-deductible medical expense. Review LTC Consumer’s 2018 LTCI Tax Guide for more ways to save. Or chat with an LTC specialist who can answer all your questions.
“The amount you can withdraw tax-free depends on your age.”
How does that saying go? Work smarter, not harder. The same applies for your money. Make your money and your existing investments work for your financial future; the kind of financial future where your retirement, your family, and your pride are all protected. Check out LTC Consumer today and learn more about qualifying for LTCI, planning for your future, and choosing an LTC plan that fits your needs.