How will you pay for Long-Term Care?

Personal assets
This option is available to those who have the income and assets to pay for long-term care without seriously affecting their financial well-being or independence.

Family
There may be a chance that your family will have an extra $50,000 per year to spend on your care and special needs. Most families, however, will not have the ability to cover out-of-pocket long-term care costs.

Government assistance
Neither Medicare, nor Medicare supplemental insurance, were designed to pay for long-term care expenses.

Medicaid is designed to assist individuals with few personal assets and limited financial resources. To qualify, you may be forced to exhaust your personal assets and meet federal poverty guidelines before your care is covered. Choices for the care you receive may also be limited.

Long-term care insurance
Long-term care insurance is one of the best ways to protect you and your family in the event you face the overwhelming expense of care in the future. Long-term care insurance helps you maintain your quality of life and independence, as well as peace of mind.