LONG TERM CARE
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, 21 million people required long-term care services and about 70% of people over the age of 65 required this service at some point during their lives.

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 restroom, eating, household chores, etc ... are considered “custodial” care and are not covered by Medicare.

Preparing for the unexpected is a wise choice when it comes to healthcare. Having a long-term care policy could end up saving you hundreds of thousands of dollars.

Watch Our Safe Money Minute Titled "Chronic Financial Concern"

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long term care QUESTIONs to ask yourself

1. "Who helped you with your long-term care approach?"
  • Family
  • Friends
  • Broker (money manager)
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2.  "What are you planning to do if you or your spouse should need long-term care?"
  • Stay at home
  • Move in with children or relatives
  • What if care is more than you or they can handle
 
3.  "Where is the money with which you intend to self-insure?"
  • Savings account/CD’s
  • Stocks & bonds
  • Medicaid/Veterans assistance programs
  • Hit the lottery
 
4.  "How much do you think you’ll need for long-term care?"
  • Avg cost in an ALF is approx $30,000 a year for one person
  • Avg cost in a SNF is approx $74,000 a year for one person
 
5.  "Why would you want to self-insure when there could be a smarter way?"
  • Make a plan now
  • You may have assets (annuities) to use tax free
  • Know what you may or may not have coming to you
  • Deal with a professional in the field
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