For an overview of long-term care planning information, financing options, and more, visit the U.S. Department of Health and Human Services’ National Clearinghouse for Long-Term Care at www.longtermcare.gov.

Long-term care insurance may be a good option for consumers who are relatively healthy and who have more than $75,000 in assets to protect.  Younger consumers typically pay less and often qualify for good-health discounts, and premiums should ideally fall at or below 7% of monthly income.  Policies cover both home– and facility-based settings.

Individuals with poor health may consider life insurance as a last resort for funding long-term care.  Examples include an  accelerated death benefit, life settlements, viatical settlements, and limited pay/long-term care policies.  Some options may involve considerable risk. Seek legal advice and follow consumer protection guidelines.

Individuals with disabilities may be eligible for Medicaid Disability Trusts; wealthy consumers may consider charitable remainder trusts; and relatively healthy adults with higher-than-average incomes may wish to explore Continuing Care Retirement Communities.  For more information on these and other options, visit the National Long-Term Care Clearinghouse at www.longtermcare.gov and consult an appropriate financial and/or legal advisor.

Consult an advisor to develop a mix of plans that fit your life.  Visit Preparing Wisely to learn about Individual Retirement Accounts (IRAs), 401K plans, deferred and immediate annuities, traditional pension plans, and other paths to greater financial security.

Consumers may choose to use their homes as resources to pay for long-term care.  Options include reverse mortgages, reverse mortgage annuities, leasebacks, and home sales.  Reverse mortgages have age requirements and many strategies which yield a large payment may affect future eligibility for public benefits.

Long-Term Care Insurance

Retirement Planning, Investments, & Annuities

A Range of Other Strategies

Life Insurance Options

Home Equity Options

Contact the Georgia Lifelong Planning Program today at 1-866-55-AGING.

 

The Georgia Lifelong Planning Program is sponsored by the Georgia Department of Human Resources Division of Aging Services in collaboration with Georgia’s Area Agencies on Aging.