Financing long-term healthcare is a challenge that many of our seniors and, eventually, we will face.

Hey there, folks! I’m Carol Phillips, your go-to Seniors Real Estate Specialist and Certified Probate Real Estate Specialist in the heart of Phoenix, Arizona. You might also recognize me as the author of the award-winning book, “Transitions With Dignity – A Six Step Blueprint To Help Your Loved One Embrace Change.” Today, we’ll hop on a roller coaster ride exploring the twists and turns of a topic that often leaves us scratching our heads as we or our loved ones age – the challenge of financing long-term care.

The Challenge

Picture this: you’ve been a diligent squirrel all your life, stashing away acorns for the winter years. But now, the cost of long-term care looms like a hungry bear, threatening to gobble up your carefully gathered acorns. It’s a story many of us know all too well, and it’s why understanding the financial landscape of long-term care is as crucial as knowing where to find the best acorns.

Many seniors reach into their acorn stash in the early stages to cover the costs of financing long-term care. They might use personal savings, retirement funds, or the proceeds from selling their cozy tree. But as the seasons change and needs grow, it’s like stepping into a forest of financial options, where government programs and private financing options become potential lifelines.

Government Programs Can Help

Let’s take a stroll down Government Programs Lane. There’s Medicare, the federal health insurance program that’s like a trusty old oak, providing some shade in the form of medical costs for those aged 65 and older and younger folks with certain disabilities and serious health conditions. But, it doesn’t extend its branches to cover long-term care. Then there’s Medicaid, a combined federal and state program for low-income folks, which can provide a nest in medical care to help with financing long-term care, depending on the state.

The Private Side

Swinging over to the private side, we have a veritable jungle of options, including long-term care insurance, reverse mortgages, certain life insurance policies, annuities, and trusts. Long-term care insurance, for example, is like a vine, providing a safety net for people needing help financing long-term care. On the other hand, reverse mortgages are like a magic beanstalk, allowing homeowners aged 62 or older to climb up to a cloud of cash without having to sell their home.

Payment for Family Caregivers

And here’s a hidden gem: some states offer payment for family caregivers. The rules and funding for this support vary by state, but Medicaid often swoops in like a helpful bird, offering several state-based programs to eligible individuals.

Navigating the financial forest of financing long-term care can feel like a game of hide and seek, with each decision potentially impacting a person’s taxes and any inheritance they want to leave to their heirs. That’s why it can be wise to consult with a wise owl or financial professional when plotting your course.

Here in Phoenix to Help You

I hope this adventurous exploration of the financial landscape of long-term care has been enlightening. Remember, planning for long-term care is like planting a tree today for shade tomorrow. And as always, I’m here to help you plant that tree. I’m Carol Phillips, your trusted guide in the intricate world of senior and probate real estate.

The wealth of information from the National Institute on Aging inspires this blog post. The original article upon which this is based is here: ( So buckle up, and let’s continue down this trail together!


Carol Phillips
Seniors Real Estate Specialist and Certified Probate Real Estate Specialist in Phoenix
Author of “Transitions With Dignity, A Six Step Blueprint To Help Your Loved One Embrace Change”

[email protected]