Planning Beginner: Planning for Long-Term Care

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1.
Long-term care applies only to care provided by a licensed nursing home.
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False. This was once true, but today it applies to all care provided to the elderly in support of their activities of daily living, regardless of where provided.
2.
Which of the following provide long-term care services?
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All of the above. Nursing homes, assisted living facilities, continuing care retirement communities, and also adult daycare centers provide long-term care services.
3.
Which of the following is probably the highest priority expressed by those planning for long-term care?
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Having the ability to stay at home. The desire to stay at home without creating stress for loved ones is probably most peoples highest priority in long-term care planning.
4.
Medicare provides very limited long-term care services.
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True. These services are very limited and do not last long.
5.
Addressing long-term care should be a part of your financial planning because paying for long-term care is going to be problematic for most people.
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True. Medicaid requires impoverishment, Medicare and traditional medical insurance dont cover long-term care, and long-term care insurance costs money. Therefore, paying for long-term care is something you should treat as part of your financial planning.