Long-term care is something that your parents or grandparents might eventually need, so it’s smart to start planning as early as possible.
Long-term care is something that many people ask about at some point in their lives. Whether they have someone who needs it or someone that is eventually going to need it, we thought that it would be helpful to address some common questions and concerns that most people have about the definition of long-term care and the different kinds of planning involved. Here is what you need to know about long-term care.
Long-term care (LTC) defined.
The help that people with chronic illnesses, disabilities, or other conditions needed on a daily basis or over an extended period of time. The kind of help that is needed can vary from assistance with simple activities (like dressing, bathing, eating, etc.) to skilled care that can only be provided by certified nurses, therapists, or other professionals. Your individual requires long-term care when a trauma, chronic condition, or illness limits their ability to perform basic everyday tasks.
Planning LTC.
Planning LTC doesn’t only mean purchasing insurance. LTC impacts individuals in a variety of ways.
- Becoming familiar with what Medicare, Medicaid and other types of insurance do and do not cover.
- Considering how to pay for long-term care.
- Preparing or reviewing your living will and health care power of attorney in order to provide legal guidance according to your wishes.
- Including long-term care costs in your retirement planning.
- Considering the lifestyle you want to maintain in retirement.
- Understanding the health risks that run in your family and how to manage and reduce these risks for yourself.
Long-term care is something that your family member may soon need. It’s important to be as prepared as possible, and the best way to do it is to have a good agent by your side. For all of your help with insurance and LTC, please contact your team at Hoffman Brown Company in Sherman Oaks, California. We are happy to be of service!
