What is Long Term Care and Why Is Planning Necessary? [Video]

Are you prepared for the future, especially when it comes to long-term care needs that go beyond what Medicare and private health insurance cover? This pressing question underscores the importance of understanding and planning for long term care, an aspect of health care that has evolved significantly in recent years. Long term care is distinct from the traditional medical care covered by health insurance; it focuses on assisting with daily living activities—such as bathing, preparing meals, and medication management—especially in the later stages of life or for individuals with conditions like dementia.

Sara Stanich, Founder of Cultivating Wealth, highlights a crucial point: many assume Medicare or their health insurance will cover these long-term care needs, but this is a common misconception. While Medicare might cover short-term needs following a surgery or medical event for a limited period (30 to 90 days), it does not extend to the more permanent, everyday assistance required by many as they age. Thus, for those requiring long-term care, either in a facility or at home through part-time caregivers, the financial responsibility falls heavily on long-term care insurance or out-of-pocket payments.

Understanding the difference between what Medicare and private health insurance pay for, versus what requires long term care insurance or out-of-pocket funding, is essential. It’s not just about the immediate aftermath of health events but about preparing for the kind of care that ensures quality of life when performing everyday activities becomes challenging. Engaging in long term care planning now, before the need arises, is not just prudent—it’s necessary to ensure that you or your loved ones are cared for without the added stress of financial burden. Watch the full video here for more tips about talking with your loved ones about estate planning: https://youtu.be/E6DZx_O4oOA

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