As we age — or if we face a disability — the likelihood of needing long-term care (LTC) services increases. While it’s always best to plan ahead, many families find themselves making these decisions unexpectedly. One of the biggest concerns is cost, since long-term care can be expensive, especially in nursing home settings. Fortunately, there are a variety of care options and resources available.
What Is Long-Term Care?
Long-term care refers to a range of services designed to meet a person’s health and personal care needs over an extended period of time. This may include:
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Nursing home care
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Assisted living facilities
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Home health care
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Community-based services
Many individuals prefer alternatives to nursing homes, such as homecare, which allows them to remain in familiar surroundings while receiving professional support.
The Cost of Long-Term Care
The cost of care varies widely depending on the type of service and location. In Maryland, for example, long-term care expenses can range from $17,000 to $79,000 per year.
This is why planning for long-term care expenses is so important — whether for yourself or a loved one.
Ways to Pay for Long-Term Care
Here are some of the most common resources used to cover the cost of long-term care:
1. Medicare
Medicare covers limited skilled nursing or rehabilitation services, but it does not cover long-term custodial care.
2. Medicaid
Medicaid can help pay for long-term care services if you meet income and eligibility requirements.
3. Long-Term Care Insurance (LTCI)
Purchasing long-term care insurance can help ease the financial burden. Policies tend to be more affordable if purchased at a younger age, though buying later in life can still provide valuable benefits. This is something to discuss with a financial planner.
👉 For a list of companies approved to sell individual LTC policies in Maryland, visit:
Maryland Insurance Administration – Approved Insurers
4. Personal Resources
Some families use savings, retirement funds, or assets to cover the cost of care. While this can be challenging, planning early can make it more manageable.
Why Planning Matters
Without preparation, families may find themselves facing overwhelming decisions during already stressful times. By exploring your options early — whether through insurance, government resources, or personal planning — you can ensure the best possible care and peace of mind.
✅ Takeaway: Long-term care is a reality many of us will face. Planning ahead, understanding your financial options, and exploring alternatives like assisted living or homecare can make all the difference for your comfort, security, and dignity in the years ahead.