LTC Insurance

[scm1011]

What are the minimal benefits?

[Wallflower]

Also, does your state allow you to deduct some or all of that premium from your taxes? (I know CO and NY do, depending on your income.)

[sadlebred]

Sept 25, 2019 12:50:51 GMT -5 Wallflower said:

Also, does your state allow you to deduct some or all of that premium from your taxes? (I know CO and NY do, depending on your income.)

Unfortunately, no. 

[Wallflower]

Another question - is it portable? In other words, you're getting it through your employer, but do you keep the insurance when/if you change companies?

If so, I'd say that less than $20 a month is not bad for a benefit like this. With this in place, you get an additional, more basic policy later in life to combine with this and give you good coverage. LTC is not cheap and it is only going to get more expensive.

[treschic]

I would put that money in a Roth IRA or your 401k if you’re not maxing. You can use a calculator to see how much it would grow by a certain age and see if it’s comparable to $24kyr in interest income.