Apart from the primary payment options mentioned previously, there are other alternatives to long term care insurance that will allow you to pay for long-term care. These are life insurance, annuities, and reverse mortgage.

Life Insurance

There are two ways by which life insurance can be used to pay for long-term care, and that is through an accelerated death benefits (ADB) feature or a long-term care rider. With ADB, benefits can be used in advanced for long-term care and other purposes such as terminal illness or life-threatening diseases. Meanwhile, life insurance with a long-term care component allows death benefits or a portion of it to be used for long-term care expenses.


An annuity can also pay for long-term care expenses in the future. It is a financial product that is designed to grow funds and provide a steady stream of income in the future. There is no restriction as to where and how you would spend the income you get from an annuity, therefore, it can be used for long-term care expenses.

Reverse Mortgage

In a reverse mortgage, homeowners who are 62 and above can borrow against the equity of their home. What you get out of the loan can be used for long-term care and any other purpose. As long as you live in the home, you don’t have to repay the loan. However, once you’ve gone, your family would need to repay the loan if they want to keep your home.

As you plan for long-term care, determine which among these options will suit you best. The best choice will depend on your financial capability, risk tolerance, and the amount of assets you intend to protect against long-term care expenses.