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Planning Beginner: Planning for Long-Term Care

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1.
Long-term care is a type of medical care.
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False. Though it may intersect with medical care in some areas, its purpose is to make a persons life better rather than to cure some ailment.
2.
Which of the following will pay for long-term care services?
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Long-term care insurance. Medical and medigap insurance do not cover long-term care services other than medical expenses.
3.
Adult daycare is a form of long-term care.
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True. It is one of several forms of long-term care.
4.
Some people who are capable of paying for their own long-term care choose to rely on Medicaid instead.
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True. People like this arrange their financial affairs so that they qualify for Medicaid. As a financial strategy, this is fraught with problems.
5.
Persons with sufficient income to pay for their long-term care need not consider long-term care insurance.
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False. Those who have sufficient assets to self-pay LTC costs may wish to preserve at least a portion of their estates in order to leave something to their heirs.