When people think of long-term care, they often think of a nursing home or assisted living facility. However, there are many different types of long-term care. Many older adults prefer to receive care in the home where they are most comfortable. The one thing they all have in common is that neither your health insurance nor Medicare will pay for these services.

According to a recent study published by Healthview Services, three-quarters of healthy 65-year-old couples living to actuarial longevity face average future long-term care expenses ranging from $237,000 to $600,000 or more. It is not uncommon for retirees who have saved hundreds of thousands of dollars to run short of funds to cover these costs before they die. 

When it comes to paying for long-term care, there are a number of options to consider, including: (ADD LINKS TO DESCRIPTIONS OF OPTIONS FOR PAYING FOR CARE)

• Medicaid
• Long-Term Care Insurance
• Reverse Mortgage
• Hybrid Life Insurance
• Viatical Settlement

Working with a professional who has expertise in long-term care planning is essential to making sure you create a plan that’s right for you.