Long-Term Care of Your Personal Finances
Your odds of needing long-term care—care to help you with the activities of daily living—are seven out of 10.
According to the 2011 handbook of the American Association for Long-Term Care Insurance, 70% people over the age of 65 will require long-term care, either at home or in a facility. And with medical advances keeping people alive but not necessarily healthier longer, the odds may change—and not in your favor.
Don’t be lulled into a false sense of security because you have good health insurance or by thinking you can rely on Medicare. Long-term care isn’t the same as care during an illness or for an emergency medical condition, so it isn’t covered by health insurance or Medicare. Long-term care is defined as assistance with the activities of “daily living”: bathing, continence, dressing, eating, toileting and transferring. Most policies today also cover cognitive impairment (such as Alzheimer’s disease).
...To continue reading this article you must be registered with AAII.
Already registered with AAII? Login to read the rest of this article.
to read this article and receive access to future AAII.com articles.