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How to pay for long-term care needs

Data from the U.S. Department of Health and Human Services indicates that 70 percent of those who are 65 and older will need long-term care. Therefore, most Ohio residents can benefit from engaging in long-term care planning. Ideally, an individual will create a plan long before they actually need to put it into place. There are many options, including buying a long-term care insurance policy.

Individuals may also choose to self-fund their care costs. However, this can be among the more expensive options. A private room in a nursing home can cost as much as $8,121 a month while a home health aide can cost $21.50 an hour. These costs generally increase on a yearly basis. Adding a long-term care benefit rider to a traditional life insurance policy may provide similar benefits as a long-term care policy with a death benefit added on.

Another option is an annuity with long-term benefits. While these won't come with a tax-free death benefit, they could offer more money while the individual is alive. Furthermore, the use of a life settlement can turn a life insurance policy with minimal cash value into tens or hundreds of thousands of dollars to pay for long-term care needs.

While everyone hopes to live a long life, one of the consequences is an increased risk of getting sick or injured. By engaging in long-term care planning, however, it's possible to account for some or all of the costs associated with old age. An attorney could help a client look into insurance policies or annuities that come with long-term care benefits. Individuals may also learn about the extent to which government benefits will pay for care.

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