Secure 2.0 Expands LTCi Funding Options
What is Secure 2.0 and why should it matter to you? Secure 2.0 is part of the federal government’s attempt to help Americans pay for a long-term care plan.
The Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 allows Americans with an individual retirement account or 401(k) plan to use up to $2,500 annually in assets to pay for stand-alone long-term care insurance. There may be tax consequences for the withdrawal but the funds will not be subject to the 10% early withdrawal tax. Could be a viable tradeoff if the client is looking for additional funds to pay for premiums. The key is educating your clients about this new option.
If you’re already appointed through GoldenCare, but are not yet taking advantage of all we have to offer, call your Regional Director at 800-842-7799!