Paying For Long-Term Care

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Source: U.S. Department of Health and Human Services
Paying For Long-Term Care: Comparison of Available Financing Options
Option
Family Support and Caregiving
Personal Savings
Long-Term Care Insurance
Limited Long-Term Care Insurance
Life Settlement
Viatical Settlement
Accelerated Death Benefit
Reverse Mortgages
Continuing Care Retirement Community
Veterans Benefits
Medicare
Medicaid
PACE
Only Available for Long-Term Care Costs
Remaining Funds Available to Heirs
Rate of Asset Accumulation
NONE
VARIABLE
FIXED
Eligibility Requirement
Risk of Insufficient Funds
MODERATE
Family members may be unable/unwilling to provide care
HIGH
Long-Term Care costs can exceed your personal savings
MODERATE to LOW
Long-Term Care costs could exceed original coverage amount
Long-Term Care costs could exceed original coverage amount
Amount received from benefit may not pay all long-term care costs
Amount received from benefit may not pay all long-term care costs
Home maintenance costs still exist
LOW
Additional care provided as needed in CCRC assisted living or nursing facility
MODERATE to HIGH
Amount received from Medicare may not pay all long-term care costs
Amount received from Medicaid may not pay all long-term care costs
Recovery of Medicaid may be made against estate
Cost
You pay for services that family members are unwilling to provide
You are responsible for creating private savings
Monthly premiums for the life of the policy
Large one-time or short-term monthly premium
NONE
Processing and origination fees to establish mortgage
High purchase price and fixed monthly payment required of CCRC property
Co-payments and deductibles
You pay for services not covered by Medicaid
You pay for services not covered by PACE