Long Term Care

Long term care may be one of the most important issues that we face today.  Long term medical care is expensive and costs continue to rise.  Funding is limited and many of these costs must be paid for out-of-pocket.

Because of age, mental or physical illness, or injury, some people need help with eating, bathing, dressing, continence, and transferring (e.g., getting out of a chair or bed). These actions are called Activities of Daily Living, sometimes referred to as ADL’s. In general, if you cannot perform two or more of these activities, or if you have a cognitive impairment such as Alzheimers, you are deemed to need “long-term care.”

Many people think that long term care is provided exclusively in a nursing home. While this is true, it can also be provided in an adult day care center, an assisted living facility, or at home.

Assistance with ADLs is called “custodial care” and may be provided in the same place as (and therefore is sometimes confused with) “skilled care.” Skilled care means medical, nursing, or rehabilitative services, including help taking medicine, undergoing therapies, or other similar services.

This distinction is important because Medicare and most private health insurance pay only for 101 days of skilled care–not custodial care. It is estimated that the average person will spend $225,000 for medical care after the age of 65, which can be a challenge for families. The bottom line: If you want access to the highest quality of care and do not want to trade the wealth you have accumulated over a lifetime to pay for your care, your spouses care or caring for your parents, Long Term Care insurance will be of benefit to your financial stability.

Benefit Design Associates will work closely with you to develop a plan that addresses all of your individual circumstances and concerns.
