What is Long-Term Care?
Many people think the phrase “long-term care” refers to an insurance policy. While insurance may be part of your strategy, long-term care encompasses everything from long-term care services and supports for personal care needs, to where you live and how you will navigate the myriad of legal, family and social dynamics along the way.
It is important to note that most long-term care is not considered medical care, and therefore not covered by Medicare. Most long-term care is actually custodial care, or help with basic personal tasks of everyday life (often referred to as “Activities of Daily Living,” or “ADLs”).
Activities of Daily Living include:
- Eating, Bathing, Dressing, Transferring (to or from bed to chair), using the toilet, and caring for incontinence
Other common long-term care services and supports are assistance with everyday tasks, sometimes called “Instrumental Activities of Daily Living” or “IADLs,” including:
- Housework, managing money, taking medication, preparing and cleaning up after meals, shopping for groceries or clothes, using the telephone or other communication devices, caring for pets, or responding to emergency alerts such as fire alarms
What is Long-Term Care Insurance?
While it isn’t a subject most of us care to dwell upon, it may be one of the most important decisions you make when planning for your future.
Failure to plan for the high costs of long-term care is causing American families to to face financial challenges unprepared. Taking steps to plan ahead now, while you’re young and healthy, can allow you to:
- avoid having to burden family members with care, impacting their work schedules, home life and their own retirement plans
- remain in your home, where you’re most comfortable, for as long as possible — stay OUT of a Nursing Home!
- protect your retirement nest egg that you’ve spent your entire life building
Empower yourself with the freedom to choose. Plan ahead to secure your financial future, and ensure your care is received on your terms!
SOURCE: U.S. Department of Health and Human Services, LongTermCare.gov, “What is Long-Term Care?” Rev. 10/15/2020