What is long-term care?
Long-term care is defined as the ongoing services and support needed by individuals living with chronic health conditions or disabilities. An individual unable to perform necessary daily functions may receive the following three levels of ongoing care:
- Skilled care: This refers to round-the-clock care provided by health-care professionals such as nurses, therapists, or aides under a doctor’s supervision.
- Intermediate care: Also performed by a health-care professional, intermediate care is provided less frequently than skilled care.
- Custodial or personal care: This is the most common type of long-term care and is provided by family caregivers, nurses’ aides, or home health workers. Generally, these professionals assist with daily activities such as bathing, eating, and dressing.
Why should I plan for long-term care?
It can be challenging to come to terms with the fact that a health issue may leave you or a loved one in need of assisted long-term care. With an uncertain future, it’s essential to begin planning for the possibility to allow you:
- The opportunity to purchase long-term care insurance
- Enough time to plan for Medicare
- To retain more control over where you receive care
- To make it easier to apply for Medicare
Remember, by making decisions today about long-term care, you can relieve your family of the burden of having to make decisions later.
What could happen if I don’t plan for long-term care?
As a healthy individual, the thought of planning for long-term care may seem unnecessary. Many people who find themselves needing it later in life rarely begin planning before it becomes an unavoidable reality. However, several adverse effects could occur if you neglect to plan appropriately, including:
- Leaving your loved ones to make difficult decisions without you
- Negatively affecting your financial plan
- Missing out on insurance availability
How can I get more information about long-term care?
Munn & Morris Financial Advisors is hosting a complimentary seminar on November 11 to discuss everything you need to know about appropriately planning for long-term care. Make sure to register or contact us if you need more information about coverage and available policies.