NY estates planning & probate attorney Russel Morgan, Esq. discusses the main ways to pay for long-term care. He explains that the main ways to pay for long-term care involve obtaining a long-term care insurance policy. These can either be stand-alone policies, similar to a traditional life insurance policy, or life insurance policies that include a long-term care rider. In the latter case, the policy provides a death benefit as usual, with an attachment that covers long-term care expenses if the individual requires a nursing home or other long-term care facility.

However, he notes that insurance alone is often insufficient, as the costs of long-term care can be prohibitively high. Typically, these policies are used in conjunction with an asset protection plan, allowing clients to establish trusts while still maintaining long-term care coverage, provided they are under the age of 72.