Create a list of next steps for funding your long term care needs.

Most people find that the costs of long term care (LTC) require multiple sources of funding. Use the chart below to start figuring out the combination that will work best for you.

Click the Remove button next to the financial options that don’t fit your situation. To restore choices you’ve removed, click the checkbox next to the option and click the Add Back button.

Who is this plan for?

Financial Option	Pros	Cons
Disability insurance	Replaces income when you cannot work Does not require medical screening when obtained through employer	May not be enough to cover health or long term care expenses May only replace a percentage of income Must meet disability trigger requirements in order to begin receiving benefit	Remove
Employer-sponsored health plan	Premiums already deducted from paycheck Company may cover part of the plan cost	Does not generally cover LTC costs Likely to be unavailable in retirement	Remove
Family-provided care	Little or no direct cost Least expensive option	Time costs can be prohibitive Causes stress and may strain relationships Family members can't deliver professional care	Remove
Group long term care insurance	Covers LTC costs Group discounts may reduce premium amounts Premium rate is calculated at age of obtaining policy Benefit is portable Carrier may waive medical screening for specific periods of time	Premiums can be expensive, especially for those over 70 Policy recipient may need to pass medical screening Must continue paying premiums to keep coverage	Remove
Life insurance policy	Already paying premiums May be an option if you cannot qualify for LTC insurance	Very few life insurance policies cover LTC Requires a special agreement with carrier such as an accelerated death benefit, viatical, or life settlement May not be able to obtain the full value of the policy	Remove
Long term care annuity	Can leave remaining investment to heirs You may qualify even if you have medical conditions	May not be enough to cover long term expenses Complicated tax implications Inflation can devalue investment	Remove
Medicaid	Covers LTC costs for impoverished adults Provided by state government	Must meet strict financial eligibility requirements, including depletion of most assets Legislation could impact future levels of support Very limited home care coverage, if any	Remove
Medicare	Variety of options cover healthcare and medication Provided by federal government	Does not cover LTC costs after initial 100 days and must be related to recent hospital stay Does not cover custodial care	Remove
Personal savings	No premiums No limitations on how funds are spent	Requires discipline to save every month May not be sufficient; may deplete savings	Remove
Reverse mortgage	Uses built-up equity in owned home	Complex financial transaction High costs Reduces value of home ownership Must be age 62 or older to qualify	Remove
Veterans benefits	Limited coverage	Limited eligibility	Remove

Recently removed options to add back