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Paying For Long-Term Care Example
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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 NO NO YES YES YES YES YES NO YES NO NO NO YES Remaining Funds Available to Heirs NO YES NO NO NO NO NO YES YES NO NO NO NO Rate of Asset Accumulation NONE VARIABLE FIXED FIXED FIXED FIXED FIXED VARIABLE VARIABLE NONE NONE NONE NONE Eligibility Requirement NO NO YES YES YES YES YES YES YES YES YES YES YES 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 MODERATE to LOW
Long-Term Care costs could exceed original coverage amount MODERATE to LOW
Amount received from benefit may not pay all long-term care costs MODERATE to LOW
Amount received from benefit may not pay all long-term care costs MODERATE
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 benefit may not pay all long-term care costs MODERATE to HIGH
Amount received from Medicare may not pay all long-term care costs HIGH
Amount received from Medicaid may not pay all long-term care costs
Recovery of Medicaid may be made against estate MODERATE to HIGH
Amount received from benefit may not pay all long-term care costs 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 NONE NONE Processing and origination fees to establish mortgage High purchase price and fixed monthly payment required of CCRC property NONE Co-payments and deductibles You pay for services not covered by Medicaid You pay for services not covered by PACE
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 MODERATE to LOW
Long-Term Care costs could exceed original coverage amount MODERATE to LOW
Amount received from benefit may not pay all long-term care costs MODERATE to LOW
Amount received from benefit may not pay all long-term care costs MODERATE
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 benefit may not pay all long-term care costs MODERATE to HIGH
Amount received from Medicare may not pay all long-term care costs HIGH
Amount received from Medicaid may not pay all long-term care costs
Recovery of Medicaid may be made against estate MODERATE to HIGH
Amount received from benefit may not pay all long-term care costs 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 NONE NONE Processing and origination fees to establish mortgage High purchase price and fixed monthly payment required of CCRC property NONE Co-payments and deductibles You pay for services not covered by Medicaid You pay for services not covered by PACE