Long-Term Care

Long-term care is most commonly providing assistance with the basic tasks of everyday life such as: bathing, dressing, eating, using the toilet. Other services that may be needed include: housework, managing money, taking medication, and shopping. 70% of people turning age 65 can expect to use some form of long-term care during their lives. Women live longer so they need care longer.

Who will provide your care? This is a serious concern as you get older.

Where will you get your care? Most long-term care is provided at home. Other options are adult day care centers, continuing care retirement centers, assisted living, and nursing homes.

Who pays for long-term care? You will have to pay for long-term care services that are not covered by a public or private insurance program. Medicare generally ONLY pays for a maximum of 100 days in a nursing home (average stay is 22 days). Medicaid pays for long-term care but your income must be below a certain level.

What other options do you have? Long-term care insurance (LTC), reverse mortgages, life insurance options and annuities are some private payment options.

One reason to buy long-term care insurance sooner rather than later – if you develop certain health condition then insurance companies will deny you coverage. Some reasons you might not be able to buy LTC are: you need help now, AIDS, Alzheimer’s, dementia, Parkinson’s, stroke victim, cancer and other conditions.

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