Many people equate long-term care with nursing home care for the elderly. In fact, long-term care includes hospital, nursing home or in-home care following an accident or debilitating illness that renders a person unable to perform such basic daily tasks as eating, using the restroom, bathing, dressing or maneuvering in and out of a bed or chair. Long-term care is also used when there is a cognitive impairment that affects a person's ability to think, reason or remember.
Medicare and Medicaid pay only limited benefits under very strict guidelines. So, while these are very beneficial programs, relying solely on their coverage to pay expenses may limit your care choices while impacting your financial security.
When you're strong and healthy, it's easy to dismiss the need for long-term care -- but that's exactly when you should be considering it. Even though many of us are living longer, healthier lives, a significant number of baby boomers will spend some time in a nursing home or need assisted care. You can choose how your time and money are spent.
Learn more about long-term care products offered by the companies of OneAmerica.