Making my Plan

It’s time to develop a plan.

Your plan depends on your age, health considerations, and priorities. No matter what your situation, you have funding options that are better than depending on Medicaid to cover your long-term expenses.

Your options may include paying “out of pocket,” purchasing long-term care insurance, using your home equity, life insurance, or annuity contracts. A financial planner or insurance agent who specializes in long-term care can help you decide what works best for you.

Long-term care: Gabrielle's Story

70% of people over age 65 will need some type of long-term care. It can cost $70,000 a year and most insurance doesn't cover it. Watch to learn more.
Which long-term care funding options might work for me? Talk to your insurance agent or financial planner about funding options that may work for you based on your age, health, and financial concerns. If you are healthy, active, and still working, you might consider long-term care insurance, retirement community buy-in, or your personal income and savings. If you are healthy, active, and retired, you might consider long-term care insurance, retirement community buy-in, annuities, home equity, a trust, or a life settlement. If you are in poor health, regardless of your age, you might consider personal income and savings, home equity, or an accelerated death benefit. If you are concerned about protecting your family’s assets, regardless of your age or health, you might consider long-term care insurance, annuities, home equity, a trust, or a life settlement.

View text version of infographic.

Which long-term care funding options might work for me? Talk to your insurance agent or financial planner about funding options that may work for you based on your age, health, and financial concerns. If you are healthy, active, and still working, you might consider long-term care insurance, retirement community buy-in, or your personal income and savings. If you are healthy, active, and retired, you might consider long-term care insurance, retirement community buy-in, annuities, home equity, a trust, or a life settlement. If you are in poor health, regardless of your age, you might consider personal income and savings, home equity, or an accelerated death benefit. If you are concerned about protecting your family’s assets, regardless of your age or health, you might consider long-term care insurance, annuities, home equity, a trust, or a life settlement.

View text version of infographic.

Download a checklist (PDF, 185 KB) so you know what topics to discuss when you consult a professional.

Long-term care insurance may be an important part of your plan.

Long-term care insurance can be customized to cover the services you need in the settings that suit you best. Purchasing a policy when you are relatively young and healthy gives you the most options at the most affordable price.

Learn more about the Texas Long-Term Care Partnership and the advantages of Partnership-qualified policies.

Long-term care is family business. Make the talk part of your plan.

Talking about aging, finances, and health care is uncomfortable, awkward, and necessary. Discuss your plan and priorities with loved ones before a health problem occurs.

Download (PDF, 8 MB) Your Long-Term Planning Kit to learn more about how to talk with your family and what topics to cover.

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