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What are my options to pay for long-term care?

Each option to pay for long-term care has a fact sheet with general information about that option.

Personal income and savings 
It can be very difficult to pay for long-term care all on your own unless you are wealthy or you are able to regularly save substantial amounts. Learn about using personal income and savings to pay for long-term care (PDF)

Long-term care insurance  
Long-term care insurance helps pay for your long-term care expenses. Learn about using long-term care insurance to pay for long-term care (PDF)

Partnership long-term care policies 
Minnesota allows a special type of long-term care insurance policy called a Partnership policy. This policy provides some advantages and features that are not available with other policies. Minnesota residents who purchase partnership policies are able to protect more of their assets if they later need MA to help pay for their long-term care. Learn about using Partnership long-term care policies to pay for long-term care (PDF)

Home equity options 
There are several ways you can leverage the financial value of your home to help pay for long-term care. Selling your home, obtaining a home equity loan or a reverse mortgage may be the right thing for some individuals because of their situation.

Learn about selling your home to pay for long-term care (PDF)
Learn about using a home equity loan to pay for long-term care (PDF)
Learn about using a reverse mortgage to pay for long-term care (PDF)

Life insurance options 
Your life insurance could help you pay for long-term care. You may be able to buy a life insurance policy that has an option to pay when you need long-term care. Some polices include options that pay for care in certain situations. You may also be able to sell your insurance policies and get a viatical or life settlement.

Learn about using life insurance with a long-term care rider to pay for long-term care (PDF)
Learn about using life insurance with accelerated death benefits to pay for long-term care (PDF)
Learn about using life insurance and viatical settlements to pay for long-term care (PDF)
Learn about using life insurance and life settlements to pay for long-term care (PDF)

Long-term care annuities  
Annuities are an option to save money for retirement and provide a fund for long-term care costs if needed. However, you need the financial ability to invest a sizable sum to fund the annuity. Learn about using long-term care annuities to pay for long-term care (PDF)

Health savings accounts 
You may be able to use a health savings account to save and spend money tax-free and pay for your long-term care costs with these funds. Learn about using a health savings account to pay for long-term care (PDF)

Next: What financing options might be best for me?


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