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.
Long-term care insurance helps pay for your long-term care expenses.
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.
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:
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:
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.
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.