Health Protection: Long-Term Care
Long-Term Care Overview
Long-term care is a service that provides medical and non-medical care to people who have chronic illnesses and disabilities, as well as people who need assistance with day-to-day living.
According to www.longtermcare.gov, it is estimated 70% of people over the age of 65 will require extended healthcare services before they die. It's a daunting percentage - are you prepared for the high cost of long-term care?
Medicare does not cover "custodial" care, which is assistance with day-to-day living. Medicare only covers "skilled" care such as dispensing medicine, medical tests and diagnosis, etc. However, assistance with bathing, using the toilet, eating, household chores, etc ... are considered “custodial” care and are not covered by Medicare.
Preparing for the inevitable is a wise choice when it comes to extended healthcare. Having the PROPER long-term care strategy could result in saving you hundreds of thousands of dollars, and perhaps more-importantly, PROTECT your spouse from ongoing financial hardship.
Long-Term Care Questions To Ask Yourself
- Do you know anyone who has had cancer, a stroke or has developed a cognitive impairment? (most of us know of many people who have suffered from one of these critical illnesses)
- Was the critical illness expected? (critical illnesses are almost never expected, but eventually happen to almost everyone)
- Did the critical illness create emotional and financial stress for the person and his or her family? (reducing financial worries helps to reduce emotional stress)
- Would the simple fact of having had the proper insurance in place to cover the costs have helped reduce much of the stress for the individual and their family?
