Own Your Future


Financial option

What financing options might be best for me?

The financial option that is best for you depends on many factors, including your health status, age, risk of needing long-term care and personal financial situation. These charts provide a quick look at which financing options could be suitable for you based upon these factors.


Age factors

Age is an important factor. Some private payment options are good choices for older people. Other payment options make more sense for a younger person.

Age: Which financing options are are most suitable?
Better options for a younger person Better options for an older person
Minnesota Partnership long-term care insurance Minnesota Partnership long-term care insurance
Individual long-term care insurance or group long-term care insurance through employer – if offered Individual long-term care insurance
Personal income and savings Home equity options including reverse mortgage
Long-term care annuity and life insurance Long-term care annuity and life insurance

Financial factors

Your financial situation is an important factor in deciding which options are suitable for you.

Income and assets: Which financing options are most suitable?
High income and many assets Middle income and some assets Limited income and few assets
Paying with income and savings LTC insurance including Minnesota LTC Partnership Options that use home equity
Long-term care insurance including Minnesota LTC Partnership policies Options that use housing equity Medical Assistance
Combined life insurance products Combined life insurance products  
Long-term care annuity    
Health savings accounts    

Health factors

Some options are best for those in good health, while other options are better suited for someone in poor health or who is terminally ill.

Health: Which financing options are most suitable by health status
Relatively good health Poor health or terminally ill Health considerations are not important
Health savings accounts Accelerated death benefits Home equity options
Home equity options Home equity options Life settlements
Life insurance options with long-term care riders Life settlements

Long-term care annuities

Long-term care annuities Medically underwritten annuities Personal income and savings
Long-term care insurance policies Personal income and savings Some life insurance and long-term care combination policies
Minnesota LTC Partnership policies Viatical settlements  
Personal income and savings    

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