What is Long Term Care?
Long-term care (LTC) is distinct from Medical care. It’s Personal Care and includes Home Care, Assisted Living, Nursing home and Hospice.
70% of people over 65 will require LTC in some form
Medicare or Medical insurance provides VERY limited benefits (100 days?)
Long-term care (LTC) is a range of services designed to support individuals with chronic illnesses, disabilities, or cognitive impairments (such as Alzheimer's) who cannot perform Daily Activities independently.
The 6 standard Daily Activities include:
Bathing – Dressing - Eating (chewing and swallowing) - Transferring (getting out of bed, standing up from a chair, or moving into a wheelchair) – Toileting - Continence
Additionally, Dementia and Alzheimers are included to qualify for assistance. One would require assistance for 2 of the 6 Daily Activities
LTC is expensive. Generally 5k to 10k per month. Medicaid will provide coverage once your savings and estate are exhausted but the quality of care varies and there’s no obligation to honor your choice of facility
There are LTC Insurance plans available to protect your retirement funds and estate and ensure you can get quality care
Most plans provide for 2 years to 7 years although Lifetime benefits can be obtained affordably. Like any insurance getting it early has lower rates and can be affordable.
Please let me know if you'd like to have a conversation and/or a quote.