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.
Long-term care insurance can pay for home remodeling to provide necessary care facilities for the insured.
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True. Long-term care insurance can provide funds to pay for services, including home remodeling if it makes the best sense.
4.
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.
5.
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.