What Is Long-Term Care?
Many people, especially seniors, may be generally familiar with the phrase "long-term
care." But, have you really sat down to think about what it is and what it entails?
The Federal government's Centers for Medicare and Medicaid Services explain it this
way: "Long-term care is a variety of services that includes medical and non-medical
care to people who have a chronic illness or disability. Long-term care helps meet
health or personal needs. Most long-term care is to assist people with support services
such as activities of daily living like dressing, bathing, and using the bathroom."
Some people may never need long-term care. But a great many who reach their senior
years will. The U.S. Department of Health and Human Services did a study and concluded
that, if you reach age 65, you have a 40 percent chance of entering a nursing home.
Roughly a quarter of those people will stay in the nursing home for five years or
more.
Many people rely on Medicare to cover their long-term care needs and provide the
necessary assistance. They assume that Medicare will pick up the cost of their long-term
care. However, Medicare will only pay for the first 100 days of care (per benefit
period) and will only pay that if the long-term care follows a period of time in
the hospital.
Long-term care (LTC) insurance may be the answer to this dilemma. LTC insurance
provides benefits to cover the costs incurred while staying in a nursing home, assisted
living facility or other long-term care institution. Depending on the policy, home
health care and community-based services may be covered, as well.
As Americans are living longer and longer, their odds of spending at least some
of their senior years in a nursing home or assisted living facility are continually
increasing. Timely planning for your future long-term care may save both headaches
and money down the road.
This Web site is intended for general information purposes only. It does not nor is it intended to constitute legal, tax or investment advice. United Financial Systems, Corporation is not a lawyer, registered investment advisor or investment advisor representative, and is not engaged in the practice of law or the business of investment advice.