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Funding your care


Senior woman and man reviewing finances with a woman who is holding a paper and pen

After you complete the First planning steps, it’s time to think about how you might pay for your Long-term services and supports.

Review your current insurance coverage

Most health insurance plans only pay for short-term care needs. Do you know if your current health care insurance would pay if you needed long-term care? Review your policies with your insurance advisor or employer’s benefits counselor.

Determine if you can pay for long-term services and supports with your own funds

Perhaps you don’t have long-term services and supports coverage or want to pay using your own resources. Would you be able to cover all the costs with your retirement income and savings?

Consider how you feel about using your own funds to pay for long-term services and supports. Resources could include:

  • Social Security
  • Pension
  • Interest income
  • Dividends from investments
  • Payments from a 401(k) or IRA)
  • Cash, savings
  • Stocks and bonds
  • Your home

Understand what’s covered by government programs and what’s not

Very few government programs will help pay your long-term services and supports expenses. Those that do have strict limits on who is eligible and what is covered. Most people won't qualify for Medicaid for long-term services and supports.

Make sure you understand what long-term services and supports Medicare and Medicaid will and won’t fund.

Look for other resources that may cover your long-term services and supports expenses

Consider all your financing options. This could include Long-term care insurance. Make sure you understand all the details, eligibility requirements and costs. It may be best to combine financing options.

ADRC of Oregon staff are available to help you explore your options to meet your current needs or create a plan for the future.

Planning Toolkit

Find information, resources and tools to help you start planning.

How much will services cost?

Calculate your future long-term services and supports expenses.

How will I pay for services?

Estimate your likely future financial resources.

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