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Tag Archive: long term care annuities

How do Medicare, Long Term Care and Annuities Interrelate?

Todd D. Heckman

The Medicare program began life as an addition to President Franklin Roosevelt’s vision to meet the needs of older workers living in America. Medicare was created in 1965 under Title XVIII of the Social Security Act to include health benefits for those retirees eligible for Social Security retirement.   What is Medicare?  Within 3 months prior to and up to 3 months after your 65th birthday, you are eligible to enroll in Medicare. There are no income qualifications (minimums or maximums) for the program, just...

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Can Annuities be Used to Pay for Long-Term Care?

Todd D. Heckman

Yes, you can transfer money from an annuity to pay long-term-care premiums without owing taxes. This was the result of a tax break that was included in the Pension Protection Act of 2006. Kimberly Lankford posted an article called ‘Use Annuities to Pay for Long-Term Care’ which gives great insight into the advantages that this tax break creates. She gives some powerful examples on how this can be used to both provide themselves with long-term-care while decreasing their taxable gains. For the specifics, please read...

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