Long-Term Care Financial Planning

There are many ways people pay for long term care whether living at home or in a residential care facility. Putting together a financial plan today will help you safeguard your savings and peace of mind.

Long term care is often paid for using a combination of funds:


The Statewide Health Insurance Benefits Advisors (SHIBA) HelpLine provides free help to people of all ages with questions about health insurance, health care access, and prescription access.

Contact the SHIBA HelpLine.

Other Important Things to Know and Consider

  • Medicare, including Medigap policies, does not cover the cost of long-term care.
  • Medicaid is only for people who have a low income and few resources. By law, the state may recover (be paid back) for payments made for all Medicaid or state-funded long-term care services a person received before he or she died. Learn more about estate recovery.

Taking the next step

Get more information about financial planning

Make sure the person is properly licensed and does not have complaints or disciplinary problems filed against him or her or the firm. Contact the National Association of Securities Dealer’s (NASD) visit their website or call the BrokerCheck Hotline at (800) 289-9999 to find out this information.

Learn more about Questions to Ask When Choosing a Financial Planner from the Certified Financial Planner Board of Standards.

Additional Resources

Find out about other available resources

  • Contact the local Home and Community Services (HCS) office if state funds may be needed to help pay for services/care. Find the local HCS office.
  • Call your local Senior Information and Assistance (I & A) office to find out about other programs that might help pay for long-term care. Find the local I & A office.
  • Visit the BenefitsCheckUp website. BenefitsCheckUp is a comprehensive online service to screen for federal, state, and some local public and private benefits for adults ages 55 and over. BCU can help you connect to programs that help pay for prescription drugs, health care, utilities, and other needs.