The cost of long-term care can vary quite a bit depending on the things you are looking for like the type of care, additional senior services needed and the location you prefer.

It is very important to know your available financing options in order to help you prepare for the cost of senior care, as it can be very expensive. To help you understand the different financing options available for you and your family, please refer to the Caregiving Payment Option chart below.

Financing Options	Only Available for Long- Term Care Costs	Remaining Funds Available to Heirs	Rate of Asset Growth	Eligibility Needed	Risk of Insufficient Funds	Cost
Family Support and Caregiving			None		Moderate Family members may be unable / unwilling to provide care	You pay for services that family members are unable to provide
Personal Savings			Variable		High Long-Term Care costs can exceed your personal savings	You are responsible for creating private savings
Long-Term Care Insurance			Fixed		Moderate to Low Long-Term Care costs could exceed original amount	Monthly premiums for the life of the policy
Limited Long-Term Care Insurance			Fixed		Moderate to Low Long-Term Care costs could exceed original coverage amount	Large one-time or short-term monthly premium
Life Settlement			Fixed		Moderate to Low Amount received from benefit may not pay all long-term care costs	None
Viatical Settlement			Fixed		Moderate to Low Amount received from benefit may not pay all long-term care costs	None
Accelerated Death Benefit			Fixed		Moderate to Low Amount received from benefit may not pay all long-term care costs	None
Reverse Mortgage			Variable		Moderate Amount received from benefit may not pay all long-term care costs Home maintenance costs still exist	Processing and origination fees to establish mortgage
Continuing Care Retirement Community			Variable		Low Additional care provided as needed in CCRC assisted living or nursing facility	High purchase price and fixed monthly payment required of CCRC property
Veterans Benefits			None		Moderate to High Amount received from benefit may not pay all long-term care costs	None
Medicare			None		Moderate to High Amount received from Medicare may not pay all long-term care costs	Co-payments and deductibles
Medicaid			None		High Amount received from Medicaid may not pay all long-term care costs Recovery of Medicaid may be made against estate	You pay for services not covered by Medicaid
PACE			None		Moderate to High Amount received from benefit may not pay all long-term care costs	You pay for services not covered by PACE

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About the Author: Catharine D. Allado- Writes articles for www.SeniorCareHomes.com - the most trusted and comprehensive online directory of Senior care homes in California, Florida and the rest of the United States.


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• Caregiving Payment Options