Most people don’t have enough money to pay for all long-term care costs on their own, especially ongoing or expensive services like a nursing home. By planning ahead, they can use other private payment options, including:
- Long-Term Care Insurance
- Reverse Mortgages
- Certain Life Insurance Policies
Which private financing option is best for a person depends on many factors. These factors include the person’s age, health status, personal finances, and risk of needing long-term care.