Paying for Long Term Care

Your Options to Pay for Long Term Care

Rely on the Government?


The national health insurance program for people over age 65 only pays for skilled, short-term care limited to 100 days. It does not cover custodial care.


A joint federal and state government program to help people with low income and assets. It primarily provides for institutional care in Skilled Nursing Homes after assets have been exhausted.

Spend Personal Assets?

  • $306,600 risk 2019 ($102,200 annual cost of care in 2019 x 3 years of care)
  • $412,044 risk 2029 ($137,348 projected annual cost in 2029 x 3 years of care)
  • $553,755 risk 2039 ($184,585 projected annual cost in 2039 x 3 years of care)

Use Long Term Care Insurance to Transfer the Risk?

Long-term care insurance is designed to pay for long term services and support, including personal and custodial care in a variety of settings such as your home, assisted living facility, adult day care facility or skilled nursing facility.