Background: The phenomenon of an increasing elderly population is one of the most important economic, social and health challenges of the 21st century. According to statistics, the total elderly population was 15.3 percent of the world s population in 2015, and will reach 20.8 percent by 2025. Among the consequences of demographic changes and aging will be an increase in the demand for long-term care services. Different countries use various approaches to provide and finance long-term care services. A number of countries organize such services in the form of public health coverage and within the framework of the tax-based social care system (Nordic countries). Countries like South Korea, Germany, Luxembourg, Japan, and the Netherlands are benefiting from specific social insurance schemes. The aim of this study was to review the different approaches to finance long-term care services. Materials and Methods: We searched electronic databases comprehensively (from June 2000 to June 2018): PubMed, Scopus, Web of Science, Embase, ProQuest, CENTRAL and Google Scholar. For grey literature, we searched OpenGrey, EconLit, F1000Research and Allconferences.com. Two authors (S.SH and B.F) independently screened based on title and abstracts and assessed the risk of bias in the included studies. Finally, 14 studies were selected to in-depth review. Results: Rising long-term care costs threaten the sustainability of public finances. Additional public revenues are needed to cover the additional spending. While the Social Security System (SSS) system was the main funding source for LTC after its creation, local authorities responsibility for funding LTC has grown within the last four decades. In some countries, participation in the scheme is mandatory for the entire population or its large part. The scheme is predominantly financed through employment-based, payroll contributions, but the elderly may also be asked to pay contributions. Mainly, tax-based models in Nordic countries provide universal, tax-funded long-term care services as an integral component of welfare and health-care services for the entire population. Conclusion: Based on this review, it seems important for middle-income countries to start developing LTCI schemes early, before aging becomes a significant problem, and substantial revenues are needed.