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Tax-Free Swap for Long-Term Care | Raleigh News
Long-term care costs are skyrocketing—with nursing home rooms averaging over $129,000 a year and home care nearing $80,000. As traditional long-term care insurance fades (fewer than 6 million policies in play), a hidden tax-free option emerges: Section 1035 exchanges. This IRS provision lets you swap an old life insurance policy for a hybrid long-term care product without triggering taxes—provided the transfer is direct between insurers. Most people don’t know this exists, but it’s ideal if your death benefit isn’t needed, premiums are too high, or you’re confident you’d qualify for new…
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