When Paying for Long-Term Care, You’ve Only Got 4 Options

They all have pros and cons, so which option is best for you? Don’t wait until you need care to think it through.

A hand holds up four fingers.
(Image credit: Getty Images)

When we talk to people about the importance of planning for long-term care, the most common response we get is, “It’s not going to happen to me,” or, “I’m not going to live in a nursing home.”

But the reality is a long-term care event in your life is quite possible, and the definition of long-term care is broader than living in a nursing home. Basically, it means needing assistance with two or more of your six activities of daily living (bathing, continence, dressing, eating, toileting and transferring). Statistically, according to the U.S. Administration on Aging, 70% of people over age 65 will need some type of long-term care over their lifetimes.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

LTC (Long Term Care) rider may require an additional fee and LTC (Long Term Care) riders are subject to eligibility requirements. The information and opinions contained in this material have been provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. They are given for informational purposes only and are not a solicitation to buy or sell any of the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Our firm is not affiliated with the U.S. government or the federal Medicare program.


The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way.


This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Eric Lahaie, CFS®, RICP®
Co-Owner, Co-Founder, JEHM Wealth & Retirement

Eric Lahaie (www.jehmwealth.com) is co-owner and co-founder, with his wife, Jennifer Lahaie, of JEHM Wealth & Retirement. He holds the RICP® (Retirement Income Certified Professional) designation and can offer both insurance and securities products. Additionally, he holds the Certified Fund Specialist (CFS®) designation.