Methods of Paying for Long Term Care
Plan Ahead or Pay Later
The Four Ways to Pay for Long-Term Care
When it comes to covering the cost of long-term care, there are only four real options—and understanding them now can help you plan for the future with confidence.
Out of Pocket
Many people start by using their own savings, income, or assets to pay for care. While straightforward, this can quickly deplete resources if care is needed for an extended period.Veterans Aid & Attendance
Wartime veterans and their surviving spouses may qualify for this underutilized VA benefit, which can help pay for in-home care, assisted living, or nursing home expenses. Eligibility is based on service, financial need, and medical requirements.Medicaid
Medicaid can cover long-term care costs, but it has strict income and asset limits. Proper planning—often years in advance—is key to qualifying without impoverishing yourself or your spouse.Long-Term Care Insurance
If purchased early enough, long-term care insurance can help protect your savings and provide flexibility in choosing where and how you receive care. Policies vary widely, so review terms carefully.
Planning Ahead Makes All the Difference
With the right tools, you can preserve assets and expand your options for care. Strategies such as a Veterans Asset Protection Trust (VAPT) or a Medicaid Asset Protection Trust (MAPT) can help safeguard savings while positioning you to qualify for important benefits when the time comes. These trusts require careful, advance planning—often years before care is needed—so the sooner you start, the more effectively you can protect your legacy while ensuring access to quality care.
Bottom line: The sooner you plan, the more choices you’ll have. Long-term care is a “when,” not an “if,” for many families—so start the conversation today.
