Government programs, such as Medicaid or the Veterans Health Administration
Traditional long-term care insurance
Hybrid policies that combine long-term care with life insurance or annuities
COVERAGE OPTIONS FOR LONG-TERM CARE
Monthly cost: national median (2017)
The good news: New products offered by insurance and financial companies may increase your options. We discuss 4 options for paying for long-term care expenses, and how to weigh the pros and cons for your particular situation.
THE COST OF CARE
To decide whether you need long-term care insurance and how much to buy, you need a sense of how much your care could cost.
TYPE OF CARE
Adult day services
WHEN DO BENEFITS BEGIN AND HOW MUCH COVERAGE?
When you can no longer perform 2 "ADLs," or Activities of Daily Living (e.g., eating, bathing, dressing) without help.
Most policies have a waiting period ("elimination" or "deductible" period), during which you pay for your care separately from your policy until your waiting period is completed and you can start long-term care benefits.