A couple weeks ago we promised we would take a look at a series of videos published by Kiplinger that focus on long term care planning and long term care insurance. Well, here we are. The video series contains 7 episodes, although we’re going skip the introduction and jump right to the second one, which starts with the basics:
What is long-term care?
We’ve defined this many (many) times before, but here it is, defined by Wikipedia:
Long-term care (LTC) is a variety of services which help meet both the medical and non-medical need of people with a chronic illness or disability who cannot care for themselves for long periods of time.
This first video doesn’t necessarily go into a huge amount of detail about long term care, but it brings to light a couple important, but often overlooked, details about long term care:
- Long term care doesn’t have to take place in a nursing home. Matter of fact, only about 20% of those needing long term care go to a nursing home. There are options for LTC BEFORE it’s even necessary, such as an active adult community, where adults 55 and older stay.
- Think about long term care while you’re young and healthy and active. Also think about how you’re going to pay for it. Long term care is, and is getting even more, expensive
- Long term care is considered custodial care NOT medical care, which means it’s generally not covered by health insurance or medicare
You can view the first video HERE
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