Long-Term Care Alternatives
Financial Alternatives
 Set up a savings account dedicated to long-term care
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expenses.
Use a home equity loan or reverse mortgage
Reserve the principle of your retirement savings for
long-term care and live off of the interest.
If terminally ill, sell life insurance policy to 3rd party
(Viatical Settlement)
Veterans Administration Health Facility
Retirement Communities
 Offer special amenities- swimming pool or golf
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courses
Retail outlets
Health care facilities
Usually are age restricted to only those over 55
Usually pretty expensive
Mixed Generation Communities
 People of similar interests live together
 Shared responsibilities and activities
 May agree to take care of each other in certain ways
 These communities include people of all ages
Shared Housing
 Good option for those without family willing ot able
to help.
 The elderly in need offers space in their home to
someone younger who can help with:
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Housekeeping
Shopping
Other services
 Tenant usually lives with the elderly for free or
reduced rent
 It is wise to use an agency that will screen applicants
Accessory Housing
 Building onto or near a relatives home.
 MED cottage- “granny pods”
 Come to be known as affordable alternatives to
nursing homes
Home Remodeling
 Many seniors desire to stay in their own homes
 For those who are limited in mobility, often
remodeling the structure of their homes to provide
more access can be beneficial.
 A variety of fixtures are available to help achieve
better access and safety.