Private Pay


Paying for long-term care services and supports with your personal finances

It's hard to predict if you'll need long-term care services and supports. It’s also hard to know how much you'll need, what it will cost, and whether family or friends will provide some of the care. You will likely have to pay for some or all of your long-term services and supports. Which financing option is best for you depends on many factors which include:

  • Age
  • Health status
  • Your risk of needing long-term services and supports
  • Your personal financial situation

Personal income and savings

It can be very hard to save enough money to pay for these expenses. Will you have saved enough if you need long-term services and supports earlier than expected? Can you pay for your own long-term services and supports without taking funds from other vital needs such as your spouse’s living costs?

Life insurance

You may be able to use your life insurance policy to help pay for long-term services and supports. Be sure to review your policy carefully and consult with your insurance agent about options.

Annuities and trusts

Another option may be annuities and trusts. Contact your financial advisor to assess this option. If you do not have a financial advisor you can contact the National Association of Personal Financial Advisors

Home equity

You may have greatly reduced or paid off your home mortgage by the time you need long-term services and supports. The value of your home may be more than its original purchase price. If so, there are different ways you can use that equity to pay for long-term services and supports:

  • Sale of your home
  • Reverse mortgage

Make sure you thoroughly understand the implications of each option and whether it is right for you.

Download the consumer booklet or review commonly asked reverse mortgage questions and answers

Maryland Access Point (MAP) staff are available to help you explore your options to meet your current needs or create a plan for the future.