It's difficult to predict if or how much care you will need, whether you will have family or friends who can provide some or all of your care, and how much care may cost you. However, it's reasonably easy to predict that if you need extensive long-term care services or need services over a long period of time, you will have to pay for some or all of it out of your personal finances. That's why an increasing number of people are using private financing options to help them pay for long-term care if and when they need it.
Private long-term care financing options include long-term care insurance, trusts, annuities, and reverse mortgages. Which option is best for you depends on many factors including your age, your health status, your risk of needing long-term care, and your personal financial situation. The following charts summarize how age and health status may affect your eligibility for and choice of private financing options.
Health Screening May Be Required
Some methods of paying for long-term care require you to undergo health screening. Some options require that you be in relatively good health (not currently needing long-term care and not having a debilitating chronic condition such as Parkinson's disease that would almost certainly mean you would need long-term care eventually.) In contrast, some options are only available to you if you are in poor health.
The table below shows whether your current health is a consideration in eligibility for each option listed. Click on each for an explanation.
Age Requirements
Some private payment options are good choices for older people; others make more sense for a younger person. Click on each for an explanation.
For more information on all these options proceed to the next sections of this part of the website.
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