8 Different Strategies to Pay for Long-Term Care 

8 Different Strategies to Pay for Long-Term Care  

I am confident in saying that, for better or worse, we are once again living through uncertain times. 

So it feels a little strange to be writing about long-term planning, funding strategies, and protecting our families for the future — when even the near future seems impossible to predict.  

(But maybe that’s just the late-night doom-scrolling talking.)  

Regardless of what’s happening right now, we all still need to find ways to survive and thrive through life’s uncertainties.    

There are things we know for sure, no matter what’s happening in the world — the old ‘Death & Taxes’ quip comes to mind.  

• We know we will age (we hope we will age!), although we don’t know what aging will look like. 
• We may need care, a little or a lot. We don’t know.  
• We will need money to pay for our future lives — although we don’t know how much.  

Planning for Long-Term Care: A Necessary Conversation 

“You can’t predict, but you can prepare.” – Howard Marks  

Our job at Ingle Law is precisely to help families survive and thrive, fortified against unexpected circumstances by facilitating smart choices.  

We are dedicated to that job.   

Our tried-and-true approach is to closely consider individual circumstances and then fit together a few different strategies. It’s a puzzle we’ve become very good at solving.

And we enjoy knowing that we can provide relief — the kind that comes when you have options to insure yourself and loved ones against both known and unknown circumstances.  

8 Legal and Financial Strategies to Pay for Future Care – without burdening the people you love or losing the family home  

1. Medicare: A Starting Point for Many Seniors   
   Paying into the Medicare system means you’re entitled to the benefits when you need them. We help our clients calculate and predict the amounts they can rely on. I’ll tell you right now though, Medicare pays for very little nursing home care.  
   
   
2. MassHealth (Medicaid): State Assistance for Those Who Qualify  
   State-provided health insurance coverage is available for folks with specific financial and medical criteria. Assets are closely scrutinized, but there are circumstances when a primary residence is not part of the equation. It’s always important to talk to someone who will advocate for you (not the bottom line of a business) so you know your rights. 
   
   
3. Older Americans Act Program: Local Support Services
   These programs, established by federal law back in the 1960s, are provided through local Aging Services Access Points (ASAP) and offer a range of services like Homemaker Services and Home Health Aides, although not nursing home care. They do have eligibility criteria, usually based on income.  
   
   
4. Veteran’s Benefits: Support for Those Who Served  
   This remains an option for wartime veterans with high out-of-pocket medical expenses. VA benefits can help pay for nursing home care, home care, and assisted living care.  
   
   
5. Long-Term Care Insurance: A Flexible Safety Net  
   With various policy options available, LTC Insurance offers flexibility and coverage beyond just nursing home expenses. Married couples may benefit from cost-effective joint policies. 
   
   
6. Reverse Mortgages: Unlocking Home Equity  
   A reverse mortgage is the solution for everyone, but it can help bridge a financial gap until Medicaid or VA benefits become available. 
   
   
7. Life Insurance Settlements: Cashing in on Policies  
   Essentially, a life settlement involves selling off a life insurance policy, which may not be the best financial decision. However, it can make sense in situations where the policy has little to no cash value, and you don’t want to lose what you’ve already put into it by letting it lapse. 
   
   
8. Line of Credit – a Temporary Bridge.  
   Senior living lines of credit are an odd duck tool. They’re designed to be bridge loans while seniors wait for guaranteed benefit checks to come in, like retroactive VA benefits.   

A Personalized Approach to Long-Term Care Planning 

It’s rare to use just one of these strategies; unnecessary to use all these strategies! Each fits a very certain set of circumstances and reasons.

We dedicate ourselves to pulling together the right combination of options to solve your big, unique, individual puzzle.   

So as confident, unconfident, happy, hopeful or hesitant you feel about the future, we’d love to see you come in for a visit and talk about how we can help you plan for that little bit of the future that remains in your sphere of influence. 

The Cost of Long-Term Care: A Critical Consideration 

According to Genworth’s 2023 Cost of Care Survey, the median annual cost of a private room in a nursing home is $108,405—a number that continues to rise. (Source: Genworth Cost of Care Survey) In Massachusetts, it’s not unusual to see care costing $15,000 per month. 

This is why planning ahead is crucial. The sooner you explore your options, the more control you’ll have over your financial future and quality of care.  

Let’s start the conversation today.

Get the Clarity You Need on MassHealth & Long-Term Care Planning

Planning for long-term care can feel overwhelming, but you don’t have to navigate it alone. Our free guide, Nuts & Bolts Guide to MassHealth, breaks down the essentials—helping you understand eligibility, coverage options, and how to protect your assets.

📥 Download your free guide today and take the first step toward securing the care you or your loved ones may need: https://inglelaw.lpages.co/masshealth-guide/