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Friday, Sep. 19, 2014

Long Term Care Savings Plans

Friday, June 25, 2010

With summer comes time for family gatherings. Memories are made, and families enjoy vacations, barbeques, sporting events, and leisure. None of us delight in the topic of our health and financial security as we get older. It is a subject that is often kept under the rug, as it can be awkward and unpleasant. However, none of us desire for financial worry or the stress of health trouble to fall onto our children or our spouses. It is an smart choice to have that discussion today.

The State of Nebraska offers a simple and dependable solution in our Long-Term Care Savings Plan. It is a smart method of protecting the quality of life for yourself and those you love. Opening a Nebraska Long-Term Care Savings Plan allows you the freedom to continue to live your life the way you choose. You can be at peace knowing that you've prepared yourself for the unexpected turns life may take.

A Long-Term Care Savings Account is a state tax-sheltered account opened at one of our participating banks or credit unions. The plan is efficient, versatile, and all Nebraskans are eligible. Your health needs are looked out for, and you can rest easy knowing that your children are relieved of financial responsibility at worrisome times. You also place yourself in the driver's seat when it comes to decision-making in your own life.

Money saved in a LTCSP can be used to pay long-term care needs for spouses or others in which the account holder has an insurable interest. After the age of 50, tax-free withdrawals can also be made to pay for long-term care insurance. What's more, the money can be put to a variety of uses: home modification, medicinal and hospice care, at-home care, therapeutic and rehabilitative needs, or nursing and assisted living care. The plan is flexible and versatile, so that any potential health burden can be met with financial confidence.

So as you enjoy summer with your loved ones, remember that planning ahead is a wise choice. If you feel that now is the time to make such a positive investment, then contact a bank manager from one of our participating institutions about opening your own LTCSP account. Invest in your future, and in that of your loved ones today. For more information about opening a Nebraska Long-Term Care Savings Plan, and a list of participating institutions, please visit treasurer.org.


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