If you are looking for a way to pay long-term care insurance premiums, you may be wondering if you can use your health savings account or HSA. The good news is that, yes, long-term care insurance premiums are considered qualified medical expenses and can be paid from your HSA. And HSA can be a great way to save for long term care insurance premiums. Contributions to your HSA are tax deductible and growth tax deferred. This means that the money you contribute can grow over time without being taxed. Distributions. Your HSA are also tax-free if used for qualified medical expenses, which include long-term care insurance premiums. The maximum annual tax-free amount is based on your age, so you will want to check the IRS website to find out the current limit. If you have any questions about whether your long-term care insurance premiums qualify as a medical expense, be sure to contact your insurance agent so they can help you out.

We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://www.luczkowskiagency.com.