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Government programs: Veterans and lower income individuals may be eligible for long-term care through Medicaid and the Veterans Health Administration, or state-run assistance programs. Medicare can help provide limited coverage for short-term care, but you’ll need to access Medicaid to help cover long-term costs.
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Long-term care insurance policies: This option allows you to pay for long-term care coverage, including how long the coverage lasts. It can offer flexibility for care options, including receiving care at home. Typically, you’ll pay an annual premium for life for this type of policy, and the premium may increase over time; but as people tend to live longer now, you can help guarantee your comfort in retirement.
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“Hybrid” insurance from Allstate through Delta Perks: This hybrid option combines life insurance and long-term care into one policy. With this option, if you need long-term care, the policy draws down the death benefit to pay for your care. What remains will go to your beneficiary upon your death. View the FAQs and go to Delta Perks to learn more.
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Personal savings: If you have savings that can cover these costs, you could have more flexibility with your care.