Long-Term Care: What are my Options?

Long-Term Care: What are my Options?

When planning for retirement a big mistake most people make is overlooking long-term care insurance and preparing for healthcare expenses– whether foreseen or not. Most people are not aware of what the costs are, how to prepare for them, or where to even begin to save for these kinds of future expenses.

You’ve had discussions with your friends, family, and financial advisor about long-term care insurance and have decided to take the next step to purchase it. So, you ask yourself, what are my options? There are five main types of long-term care living options to consider when purchasing long-term care insurance.

5 Main Types of Long-Term Care:

  1. Retirement Living/ Independent Living: Many communities mirror the structure of apartment buildings featuring amenities and housekeeping. The facility will offer planned activities, meal prep, and very light care. This provides the most independent sense of living and is meant for self-efficient living seniors.
  2. Assisted Living: Assisted Living facilities have different options and offerings available but are mainly focused on providing care in a group environment. They will help seniors with medications, housekeeping, transportation, and meal preparation.
  3. Nursing Homes: The most traditional and well-known type of long-term care service available that provides personal care and medical care. This includes helping with daily activities and functions such as: getting dressed, bathed, meal prep, medication, and 24-hour supervision. Many residents of nursing homes choose this option due to mental illness or chronic physical conditions that require assistance.
  4. Memory Care Facilities: Those suffering from Dementia and Alzheimer’s require even more care and supervision. These facilities would be within a nursing home or assisted living. The atmosphere will focus on the individual separately and treat the seniors differently due to the variations in their conditions.
  5. Skilled Nursing Facilities: Focused on rehabilitation, speech, and physical therapy. Nurses and physicians will always be on site. Most members will receive frequent and daily visits from both a nurse and physician. Seniors within these facilities require a lot of assistance with their daily activities and functions. A lot of their time will be spent within their rooms, in bed.


There is a major misconception that nursing homes are the only option available when seniors begin to age and need assistance. That is not true as there are various options available to seniors depending on the level of assistance needed. It is important to research the options available and find the most suitable fit for you or your senior’s needs.

Questions and Consultations

If you have questions or if you’d like to schedule an appointment to discuss your finances, contact us today.

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Partnership Wealth Management is a comprehensive financial services company. We are committed to providing our clients with financial planning and wealth management services to help them make the most of their investments. At Partnership Wealth Management we have a long history of working with the LGBT community. Among our many services, we offer financial planning for gay couples and lesbian couples as well as estate planning for gay couples and lesbian couples. Financial planning is an important part of preparing for the future, contact us today to get started: www.partnershipwm.com. We always try and provide the best information – We are not responsible for information on third-party sites. Thanks for reading!