9 Ways to Save on Long-Term Care
Nine practical approaches families use to plan for the cost of care. In plain English.
There Is More Than One Way to Plan
Most people think planning for long-term care means one thing: buying a policy and hoping you never use it. In reality, families have far more options than they realize.
Our advisors get questions about long-term care every month. This short guidepost answers the most common one, "what are my choices?", with nine approaches: traditional and asset-based insurance, life insurance riders, government aid, Miller Trusts, and even your home equity.
First published in 2018. A refreshed edition is planned; some figures inside reflect the rules in effect at publication.
- Traditional long-term care insurance, and why your age at purchase matters
- Asset-based coverage that can refund your premium or pay your beneficiary
- Life insurance riders that turn a death benefit into a care benefit
- Government aid, spousal protections, and Miller Trusts, demystified
- How home equity can help pay for care
What You'll Learn
Insurance Routes
Traditional pay-as-you-go coverage, asset-based policies, and riders you can add to insurance you may already own.
Using What You Already Have
How savings, insured savings programs, and a well-structured life insurance policy can repay your estate after care is paid for.
Government Aid, Demystified
How state and federal programs can help, what protections exist for a healthy spouse, and where a Miller Trust fits in.
Your Home as a Planning Tool
How a reverse mortgage can free up monthly cash to pay for care, and what that means for the house and your heirs.
Get the Full Guide
All nine approaches in one short read, so you know your choices before you talk to anyone. No email required. No strings attached.
4 pages. Takes about 5 minutes to read.