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Who Pays for
Long-Term Care?

In The End, You and Your Family Are Responsible - Here's Why

Many Americans mistakenly depend on Medicare, Medicaid, health insurance, veterans' programs, assets, and income to address long-term care costs. However, these options are often unreliable and may not be enough. 

While Medicare, Medicaid, health insurance, and veterans' programs offer crucial healthcare support, they typically provide minimal to no assistance for custodial care, as these programs are not designed to cover such services.

To name a few, relying on personal assets and income can develop unfavorable tax situations, deter nest egg goals, complicate lifestyle, and disrupt future financial commitments because the costs associated with long-term custodial care can often be substantial and unpredictable.

Download our free informational eBook to learn about the actual cost of care today and the pros and cons of utilizing personal assets and public programs. 

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The Misconceptions in Who Pays for Long-Term Care

The videos below shed light on the often misunderstood aspects of who bears the costs of long-term care. Written and developed by Long Term Care Family, each video provides valuable information to gain a better understanding of the financial dynamics involved when custodial care is inevitably needed.

Spoiler alert: The resources below typically do not provide enough support for custodial care, which puts you and your family next in line to cover the costs.

Government Services

Misconceptions about how Medicare, Benefits for Veterans, State-Specific Programs, and Medicaid will pay for the costs of Long-Term Care

Self-Funding

Implications from using your Income, Savings, IRA, 401(k), Brokerage Accounts, or Selling Your Home to pay for the costs of Long-Term Care

Insurance

Misconceptions about how Health Insurance, Plans through an Employer, Disability Insurance, and Long-Term Care Insurance will pay for the costs of Long-Term Care

The Global Population is Aging Rapidly

Have you noticed the numerous facilities going up in your area? There's a reason... With 10,000 Baby Boomers turning 65 daily until 2030¹, 7 out of 10 will require long-term care². With demand comes increased costs. Those costs are based on factors such as type of care, location, and level of assistance. The costs of long-term care in Michigan are rising as illustrated below.

Who is Affected?

Extended care is a life-changing event, primarily for your spouse and your family. Consider the personal consequences for your loved ones.

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What Can You Do Today?

A Family Care Plan ensures organization, preparation, and financial allocation, equipping your family for potential extended care needs well in advance.

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1"2020 Census Will Help Policymakers Prepare for the Incoming Wave of Aging Boomers"

2Longtermcare.gov How much care will you need?