Long Term Care
Aging with grace can take many forms. An industry for Long Term Care and Long Term Care Insurance has been created to assist with the cost of specific items that a person may no longer be able to do as time goes on; however, additional care may be needed in retirement and can take many different forms.
Care begins with identifying items that you no longer are able to do independently, such as cleaning of your home, yard work, cooking, and in an advanced stage the ability to move yourself from place to place. Often with these tasks, family members and friends are relied upon to help out. However, you may want an outside person to fill these roles which has a financial cost.
Long Term Care and Long Term Care Insurance
Long Term Care relates to the specific Activities of Daily Living (ADLs) that a person may no longer be able to perform. Activities of Daily Living are defined as: Bathing, Dressing, Feeding, Transferring, and Maintaining Continence.
Long Term Care Insurance begins to pay for benefits from the insurance policy when 3 out of 5 of the above are no longer able to be done.
*Note that Long Term Care Insurance Carriers and Policies vary. There is a possibility your policy has different ADLs and/or a different qualification requirement.