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The likelihood of using long term care services increases as we age or if we are
disabled. So, planning ahead for your own or a loved one's long term care is best,
but that may not be possible for everyone. Finding a way to pay for long term care
is a major concern because it can be expensive, particularly nursing home care.
Many people prefer alternatives to nursing home care, such as assisted living arrangements
or home health care and other community services.
There are several resources for estimating the current cost of long term care in
the state where you live. The cost of care can range from $17,000 to $79,000 per
year depending on the type of care needed and where the care is provided. Therefore,
it's important to plan for long term care costs. The resources for long term
(if you meet eligibility requirements), Long Term Care Insurance, and Personal Resources.
For more information on Medicare, view the Medicare web page.
For more information on Medicaid, view the
Medicaid web page.
Long Term Care Insurance
You may own or purchase a long term care insurance policy. Long term care insurance
may have less costly premiums if purchased while you are younger because the cost
of a policy rises with age. This does not mean purchasing a long term care insurance
policy later in life will not benefit you. Purchasing a long term care insurance
policy is something you may want to discuss with a financial planner.
The Maryland Insurance Administration maintains a list of the insurance companies
that are approved to sell individual long term care policies in Maryland. The link
that follows will take you to the list:
Publications.USA.gov offers a “Guide to Long Term Care Insurance”, a 21 page booklet
which includes a checklist for choosing a long term care policy. Use the link that
follows to order or download the booklet:
The Maryland Insurance Administration also has information about the Maryland
Long-Term Care Insurance Partnership Program. This program is an innovative
partnership between Maryland and private insurance companies who issue long-term
care insurance policies. A policy sold under the Long-Term Care Insurance Partnership
Program, by law, must meet the same standards as a long-term care policy not sold
under the program. In addition, a partnership policy must meet certain specific
federal and state requirements, and be certified as a “long-term care partnership
policy” by the Commissioner of the MIA. Use the following link to go to find out
Personal trusts, annuities and reverse mortgages are also sources of funds for LTC.
You may need the assistance of a financial planner or other advisor to consider
the benefits and drawbacks of these options. Which option is best for you depends
on many factors including your age, your health status, your risk of needing long-term
care, and your personal financial situation. It is best to discuss these options
with a financial planner.
The National Clearinghouse for Long term Care has additional information on these
options. Use the following link to go to the Clearinghouse:
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Use Services Search to locate LTC Providers and obtain detailed information on: