|
|
|
|
|
|
|
|
|
Family Support and Caregiving
|
No
|
No
|
None
|
No
|
Moderate
-- Family members may be unable/unwilling to provide care
|
You pay for services that family members are unwilling to provide
|
|
Personal Savings |
No
|
Yes
|
Variable
|
No
|
High
-- Long-Term Care costs can exceed your personal savings
|
You are responsible for creating private savings
|
|
Long-Term Care Insurance |
Yes
|
No
|
Fixed
|
Yes
|
Moderate to Low
-- Long-Term Care costs could exceed original coverage amount
|
Monthly premiums for the life of the policy
|
|
Limited Long-Term Care Insurance |
Yes
|
No
|
Fixed
|
Yes
|
Moderate to Low
-- Long-Term Care costs could exceed original coverage amount
|
Large one-time or short-term monthly premium
|
|
Life Settlement |
Yes
|
No
|
Fixed
|
Yes
|
Moderate to Low
-- Amount received from benefit may not pay all long-term care costs
|
None
|
|
Viatical Settlement |
Yes
|
No
|
Fixed
|
Yes
|
Moderate to Low
-- Amount received from benefit may not pay all long-term care costs
|
None
|
|
Accelerated Death Benefit |
Yes
|
No
|
Fixed
|
Yes
|
Moderate to Low
-- Amount received from benefit may not pay all long-term care costs
|
None
|
|
Reverse Mortgages |
No
|
Yes
|
Variable
|
Yes
|
Moderate
-- Amount received from benefit may not pay all long-term care costs
-- Home maintenance costs still exist
|
Processing and origination fees to establish mortgage
|
|
Continuing Care Retirement Community |
Yes
|
Yes
|
Variable
|
Yes
|
Low
-- Additional care provided as needed in CCRC assisted living or nursing facility
|
High purchase price and fixed monthly payment required of CCRC property
|
|
Veterans Benefits |
No
|
No
|
None
|
Yes
|
Moderate to High
-- Amount received from benefit may not pay all long-term care costs
|
None
|
|
Medicare |
No
|
No
|
None
|
Yes
|
Moderate to High
-- Amount received from Medicare may not pay all long-term care costs
|
Co-payments and deductibles
|
|
Medicaid |
No
|
No
|
None
|
Yes
|
High
-- Amount received from Medicaid may not pay all long-term care costs
-- Recovery of Medicaid may be made against estate
|
You pay for services not covered by Medicaid
|
|
PACE |
Yes
|
No
|
None
|
Yes
|
Moderate to High
-- Amount received from benefit may not pay all long-term care costs
|
You pay for services not covered by PACE
|
