The financial option that is best for you depends on many factors, including your health status, age, risk of needing long-term care and personal financial situation. These charts provide a quick look at which financing options could be suitable for you based upon these factors.
Age is an important factor. Some private payment options are good choices for older people. Other payment options make more sense for a younger person.
|Better options for a younger person||Better options for an older person|
|Minnesota Partnership long-term care insurance||Minnesota Partnership long-term care insurance|
|Individual long-term care insurance or group long-term care insurance through employer – if offered||Individual long-term care insurance|
|Personal income and savings||Home equity options including reverse mortgage|
|Long-term care annuity and life insurance||Long-term care annuity and life insurance|
Your financial situation is an important factor in deciding which options are suitable for you.
|High income and many assets||Middle income and some assets||Limited income and few assets|
|Paying with income and savings||LTC insurance including Minnesota LTC Partnership||Options that use home equity|
|Long-term care insurance including Minnesota LTC Partnership policies||Options that use housing equity||Medical Assistance|
|Combined life insurance products||Combined life insurance products|
|Long-term care annuity|
|Health savings accounts|
Some options are best for those in good health, while other options are better suited for someone in poor health or who is terminally ill.
|Relatively good health||Poor health or terminally ill||Health considerations are not important|
|Health savings accounts||Accelerated death benefits||Home equity options|
|Home equity options||Home equity options||Life settlements|
|Life insurance options with long-term care riders||Life settlements||
Long-term care annuities
|Long-term care annuities||Medically underwritten annuities||Personal income and savings|
|Long-term care insurance policies||Personal income and savings||Some life insurance and long-term care combination policies|
|Minnesota LTC Partnership policies||Viatical settlements|
|Personal income and savings|