How Will You Pay for Long-term Care?

The way people pay for long-term care — whether delivered at home or in an assisted living facility — depends on their financial situation and the services they use. Often, they rely on a variety of payment sources. These include:

  • Personal funds: At first, many older adults pay for care, in part, with their own money. This may include money from personal savings, a pension or retirement fund, or other methods.
  • Government programs: Several federal and state programs provide help with health care-related costs including Medicare and Medicaid programs, Social Security Administration programs, the State Health Insurance Assistance Program, VA benefits, and Social Security Disability Income.
  • Private financing options: Private payment options, like long-term care insurance, reverse mortgages, certain life insurance policies, annuities, and trusts can also help finance care.

Find resources to estimate the cost of care and options to help pay for your care on the NIA website.

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