Older adults in Michigan and across the country often have a hard time affording long-term care costs. Insurance coverage is not an option for everyone, and the same applies to investing.

To offer some financial and emotional relief, U.S. News & World Report breaks down several options for paying for long-term care. Older adults deserve to enjoy their golden years with peace of mind.

CONSIDER A HEALTH SAVINGS ACCOUNT

Older adults who still work can open a health savings account if they have an insurance plan with a high deductible. Those older than 55 can contribute more money to their HSA. No matter the policyholder’s age, money in the account rolls over from year to year. Also, as long as funds in the account go toward qualified medical expenses, withdrawals do not undergo taxation.

LOOK INTO VETERAN BENEFITS

The U.S. Department of Veterans Affairs offers financial help to veterans who served during periods of conflict, which also applies to spouses. Such financial assistance helps pay for long-term care once qualified recipients reach out to a Pension Management Center.

APPLY FOR MEDICAID

Medicaid helps pay for long-term care costs but should be a measure of last resort. Applicants cannot have more than $2,000 in liquid assets, and additional restrictions exist on principal residences, the number of vehicles owned and insurance policies. Another reason to save Medicaid as a last option is that not every long-term care facility accepts the federal program. Assisted living facilities do not qualify, only nursing homes, and recipients cannot choose where to live.

TAP PERSONAL SAVINGS

Using personal savings offers another way to pay for long-term care. Statistics can aid seniors in estimating their ongoing medical care costs, helping them determine how to stretch their savings for as many years as possible.