Alternatives for Covering Long-Term Care

After reviewing your options and understanding the pros and cons, you may decide that long-term care insurance is not for you. Although you can’t count on Medicare to pay for nursing home, home health care or assisted living, there are other alternatives for covering long-term care:

  • Save money for long-term care. Considering the average cost of care, it’s definitely something that you want to start saving up for.
  • Apply a portion of any benefits you’ve earned over the years, such as veteran’s benefits, your retirement fund, trusts, etc. to cover long-term care expenses.
  • Open a Health Savings Account (HSA), a savings account which allows users to earn tax-free interest and set aside savings for medical expenses.
  • Purchasing a life insurance policy with a long-term care rider is also an option, as it’s generally cheaper than a standard LTC policy.
  • Life Plan Communities, or continuing care communities, are also an alternative as members are guaranteed access to care even if they aren’t able to pay for it. However, in addition to a monthly payment, these communities are expensive, requiring a hefty upfront payment—usually thousands of dollars.
  • Apply for federal LTC coverage through the Federal Long Term Care Insurance Program (FLTCI). This program, sponsored by the U.S. Office of Personnel Management (OPM) is available to federal employees, active and retired members of the uniformed services, U.S. postal service employees, and qualified relatives.

When you are ready to talk to an expert about Long-Term Care Insurance, schedule a call: Find more long-term care stories and resources in our blog.

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