Long-term care can take place at home or in an assisted living facility or nursing home, but there are many misconceptions about who foots the bill, A good insurance policy will help you pay for long-term care while preserving your assets, Many financial planners recommend long-term care insurance, Today’s 65-year-olds have a 9 in 10 chance of living to age 81, and according to the Department of Health and Human Services, 60 percent will eventually require assistance with everyday activities, like eating and getting dressed.