Long-Term Care

  • Do you have long-term care insurance? 

  • Do you have a family history of health issues? If care is required, do you have a plan? 

  • Does your current portfolio support the cost of care? 

  • Do you know the “right” time to buy long-term care? 

  • Do you know where and how to purchase a long-term care policy?

Things to consider

Long-term care (LTC) insurance is designed to cover what most health insurance policies do not, but that is where the simplicity stops. The differences in policies, the riders, how much you should be paying and lastly, whether you even need it are what make it so complicated. Because policies can be very different, they must be carefully reviewed to make sure your needs/desires are met and you are not spending too much. This product is not for everyone, but it's worth discussing with your financial advisor.

What you need to know

Activities of Daily Living (ADLs)

These are routine activities that people tend to do every day without needing assistance. There are six basic ADLs: bathing, dressing, eating, toileting, transferring, and walking or moving around.

Types of Long-Term Care

1. Home care is for those able to do some physical movement around house; exercise or physical therapy; or monitoring a chronic health condition

2. Senior residences is for those no longer willing or able to live independently; common areas designed for elders; common dining areas and meals; some housekeeping

3. Assisted living includes domestic services, such as meals and housekeeping; assistance with personal care; close monitoring to ensure resident’s health and safety

4. Nursing facilities help with ADLs; around-the-clock monitoring and assistance; no nursing, physical therapy, or skilled medical care

What it means

Funding for Long-Term Care

Medicare pays only for short-term skilled nursing facility care where medical recovery treatment is provided.

Long-term care is predominately funded through Medicaid and the resident’s out-of-pocket assets. Medicaid offers the only comprehensive long-term coverage. This federal program for low-income people, administered by the states, pays for almost half the nation’s total nursing facility costs and much home care as well.

Review your family’s health history when thinking about considering LTC. Set up an appointment with your advisor to have them complete the LTC analysis within your Financial Plan.

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