The Nebraska Long-Term Care Savings Plan (LTCSP) is an innovative tax-exempt savings option to help people pay for their future long-term care expenses. In 2006, Nebraska became the first state in the nation to offer this tax incentive to save and pay for long-term care.
Funds deposited in a LTCSP will accrue interest tax-free until withdrawn at any age, as long as they are used for long-term care needs or transferred to a beneficiary after death. The money 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 After the age of 50, the funds also can be withdrawn tax-free to pay for long-term care insurance premiums.
Account at a Glance:
|Minimum Balance Required||No minimum balance required|
|Earns Interest||Yes – Tiered interest rates paid quarterly. View Rates|
- You must be a Nebraska taxpayer
- You must be at least 19 years of age
Want to know more about the Nebraska Long Term Care Savings Plan, including contribution limits and possible tax benefits? Follow the link below to learn more.