What is Long Term Care?
It’s care needed for an extended period of time that requires assistance when we are unable to care for ourselves due to chronic illness, physical injury, cognitive (mental) impairment, or frailty.
Who is at risk for needing extended care?
Anyone, at any age, may require long-term care. The unfortunate downside of living longer translates into a greater likelihood, due to advanced age, of developing a condition requiring some form of assistance.
What services are needed for Long Term Care?
Anyone with a chronic condition may need intermittent rehabilitative services by licensed professionals (Registered Nurse, Physical Therapist, Speech Therapist, Nutritionist, Medical Social Worker, etc.). However, most assistance is provided by home healthcare aides, non-professional personal aides who assist with the custodial activities of daily living such as:
- Washing, Dressing, Feeding, Toileting, Transferring, Mobility, etc.
What pays for extended care services?
Medicaid is the primary payer for long-term services and supports. Other portions are covered out-of-pocket, by private insurance, or other sources.
How can Long Term Care protect your Retirement?
To effectively prepare for potential extended care needs, you should consider developing a plan in the event that you, your spouse, parents, or others financially dependent on you may require long-term care services. This plan needs to consider the following goals:
• To have the financial resources to pay for quality care at home or in a facility without disrupting your retirement standard of living and financial commitments already in place.
• To protect your income, savings and assets for both the ill and healthy spouse.
• To maintain your independence by preventing being a burden and dependent upon children or other family members.
• To conserve your estate and ensure an inheritance for your heirs or other beneficiaries is not disrupted.
• To avoid becoming impoverished and having to rely on the Medicaid program.
Helpful Resources
