Paying for long-term care (sometimes called “long-term services and supports”) includes non-medical care for people who have a chronic illness or disability. This includes non-skilled personal care assistance, like help with everyday activities, including dressing, bathing, and using the bathroom. Non-medical care also includes home-delivered meals, adult day health care, and other services. Medicare and most health insurance, including Medicare Supplement Insurance (Medigap), don’t pay for this type of care. You may be eligible for this care through Medicaid, or you can choose to buy private long-term care insurance. You can get long-term care at home, in the community, in an assisted living facility, or in a nursing home. It’s important to start planning for long-term care now to maintain your independence and to make sure you get the care you may need, in the setting you want, now and in the future.

• Long Term Care Insurance – This type of coverage provides insurance in the event an individual may need long term care coverage. With this option, you are provided more flexibility and options than many public assistance programs, such as Medicaid.
• Life Insurance with LTC – A newer form of long-term care insurance is to purchase a life insurance policy with a long-term care policy feature. With this feature, if the insured passes away, a death benefit is paid out just like a normal life insurance policy would do. But if the insured needed long-term care before their death, those specified benefits are paid, taking precedence over life insurance.
• Annuity with LTC – A long-term care annuity is a deferred annuity that includes a long-term care rider. A rider is essentially an add-on you can include when purchasing an annuity that offers extra features or benefits. In this case, you purchase the annuity with the long-term care rider and when you eventually need long-term care, you can begin receiving payments to help with those expenses.

Essential Conversations for Your Future

What does a nursing home cost today?

What if I don’t end up needing it?

Isn’t long-term care insurance expensive?

Can I afford to self-insure?

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