The chances of needing that level of care increase as we age. Having a plan in place may help you feel more secure in retirement, offering peace of mind knowing you’re better able to manage your financial situation and access quality care, if and when you need it.
What is Long-Term Care
Long-term care provides medical and personal care for people of all ages who can’t independently perform basic daily living activities, such as bathing, dressing, eating and getting around, due to illness, injury or cognitive disorder. Care is available in a number of settings, including private homes, assisted living facilities, and adult daycare centers, hospices and nursing homes.
Long-Term Care is available in three basic forms:
Skilled care: Continuous care, ordered by a physician, designed to treat a medical condition. This care is performed by skilled medical personnel, such as registered nurses or professional therapists.
Intermediate care: Intermittent nursing and rehabilitative care provided by skilled medical personnel under the supervision of a physician.
Custodial care: Personal care that’s often given by family caregivers, nurses aides or home health workers who provide assistance with activities of daily living.
It makes sense to mitigate some of the financial risks through adequate long-term care insurance to avoid this potentially financially – and emotionally – devastating scenario
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