For the elderly the need for long-term care is probably the most catastrophic unexpected event that could happen. This is because the need for long-term care typically removes any level of security an elderly person may have with the three major lifestyle concerns mentioned above.
Medicare provides excellent coverage, and when it’s combined with a good Medicare supplement, most people will face minimal out-of-pocket expenses. However, Medicare was never intended to be long term care insurance.
Long-term care: Long-term care provides care when you can no longer take care of yourself with respect to the six activities of daily living. Long-term care insurance is designed specifically to cover the high cost of long-term care.
The three levels of care:
Custodial care: This is personal care and may be given by family caregivers, nurse’s aides, or home health workers. It assists with the “activities of daily living” such as bathing, eating, and dressing.
Intermediate care: Care is still provided by professionals, but is needed less often.
Skilled care: In this case, care is usually needed round-the-clock and is given by professional health care providers
With the need for long-term care the older person:
- Loses independence
- Has experienced a loss of good health
- Uses up remaining assets and income
No other late-life event can be as devastating to the lifestyle the elderly are so concerned about maintaining. No wonder many elderly care recipients withdraw, become angry and suffer from severe depression.
Call Les on Long Term Care Insurance 1-800-875-0140 or get a quote at www.lesltc.com
If living longer is one of the great success stories of medicine and lifestyle changes, failing to plan for later-life care is one of the great failures. Relatively few people have any kind of plan for how they will take care of themselves or their spouses in old age. And even those who have been thoughtful are not likely to have set aside adequate resources to provide care that can easily top $100,000 a year.
Key Topics:
- How to review your Long Term Care Policy and maximize your benefits
- How to handle the claim process
- Avoiding losing your assets to Medicaid
- How to review your legal plan
- How to review your insurance and financial plan
- How to understand basic tax planning
- How to plan with a Special Needs Child in your care
- How to run a family meeting
- How to reduce cost in your Long Term Care Event
Call Les on LTC Planning at 1-800-875-0140