assets to self-insure against the cost of LTC but too many assets to qualify for Medicaid, LTC insurance now is drawing the attention of better-off baby boomers as well. Facing longer life expectancies, rising costs of care, and tighter government restrictions for Medicaid qualification, many are looking into LTC insurance as part of their financial planning.
O
ne of the most difficult issues about long term care (LTC) insur- ance is if you already need it, you probably can’t qualify for it — or afford it. Once sold mainly to middle-class people with too few
What is long term care (LTC)?
LTC broadly is defined as a range of medical, personal, and social services required to help an individual cope with activities of daily living or with cognitive issues. These activities generally are accepted as: • bathing • dressing • toileting • eating • managing continence needs, and • transferring to or from a bed or a chair.
Is LTC the same as skilled-nursing-facility care?
It’s important to distinguish between LTC and skilled-nursing care. Skilled- nursing care is provided to individuals with medical conditions that require attendance by professional nurses or physical therapists. Someone who is recovering from surgery, an illness, or an injury might require this type of care, which is covered by most major medical plans, including Medicare, TRICARE For Life, and most Medigap plans.
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