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What is Long Term Care?

| Joan Morales

Custodial Long-Term Care (LTC) is generally described as-medical care for people who need help with basic daily activities such as dressing and bathing.  Care may be provided at home or in facilities like a nursing home or assisted living. 

 

To review the potential financial and family impact of LTC,consider these questions:

 

  •             Should you consider an LTC insurance policy providing comprehensive coverage?   If so, it is recommended to start in your early 50s to get the best rates. It is important to note that many LTC policies have seen significant premium increases and/or benefit reductions over the last few years, a trend that is likely to continue.

 

It is important to understand that Medicare only covers skilled or rehabilitative care and does not pay for custodial long-term care, whether it’s in a nursing home or provided in-home.  Medicare will pay for medical care provided in addition to long-term care (for example, if a resident in a nursing home has a heart attack, Medicare will pay for the treatment necessary for the heart attack, but not the care provided in the nursing home).

 

If a patient meets certain criteria, Medicare will pay for physical therapy, occupational therapy, or other medical care in a skilled facility.  It is extremely important to review the type of care involved, and whether it’s truly medical in nature.  Refer to Medicare.gov for additional benefit information.

 

Having a well-thought-out plan could reduce the emotional and financial risk you and your family could encounter when faced with the need for long-term care. Life expectancy is going up, meaning more people are living longer and may need additional care.  Reviewing your long-term care options is becoming more crucial.

Connect with Joannie Morales, Manager of Pilot Services at jmorales@afadvisors.com

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