How to Pay for Long-Term Care

Ways to pay for long-term care: (1) Personal savings/assets — the most common method but can quickly deplete retirement savings. (2) Long-term care insurance — best purchased at 55–65 before health issues arise.

(3) Hybrid life/LTC policies — use life insurance death benefit for LTC if needed. (4) Veterans benefits — Aid and Attendance benefit pays up to $2,300/month for qualifying veterans.

(5) Medicaid — for those who have spent down assets. (6) Reverse mortgage — converts home equity to income. (7) Family caregiving — reduces costs but has significant personal and financial costs for caregivers..