Planning Beginner: Planning for Long-Term Care

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1.
Bathing, eating, dressing, toileting, transferring, and continence are referred to as _______.
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Activities of daily living. Bathing, eating, dressing, toileting, transferring, and continence are functions referred to as the activities of daily living, or ADLs.
2.
Medicare services are state-administered, having strict income and asset limitations.
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False. It is Medicaid services that are state-administered, and recipients have strict income and asset limitations.
3.
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.
4.
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.
5.
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.