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Long Term Care

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What is Long Term Care?

 

Long-term care refers to a range of services and support provided to individuals who have chronic illnesses, disabilities, or other conditions that limit their ability to perform daily activities independently. It is typically provided over an extended period, sometimes for the rest of a person's life.

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Long-term care is designed to help individuals with Activities of Daily Living (ADLs), such as Bathing, Dressing, Eating, Toileting, Transferring, and Continence.

 

It can also include assistance with instrumental activities of daily living (IADLs) such as managing finances, cooking, cleaning, shopping, and taking medications.

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Long-term care services can be provided in various settings, including:

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  1. Home-Based Care: services are provided in the individual's own home and may include assistance from home health aides, nurses, therapists, and other professionals.

  2. Assisted Living Facilities: these are residential settings that provide personal care and support services to individuals who need help with ADLs but do not require the level of care provided in a nursing home.

  3. Nursing Homes: also known as skilled nursing facilities, these offer 24-hour care and medical supervision for individuals with complex medical needs or severe functional limitations.

  4. Adult Day Care Centers: these provide social and recreational activities, meals, and some health-related services during the day for individuals who need supervision and support but do not require 24-hour care.

  5. Continuing Care Retirement Communities: these communities offer a range of housing options, from independent living to assisted living and nursing home care, allowing individuals to transition between levels of care as their needs change.

 

Long-Term care services can be costly, and the expenses are typically paid out of pocket, through Long-Term Care insurance, or through government programs such as Medicaid (for low-income individuals) or Medicare (limited coverage for short-term skilled care). Planning for long-term care is important to ensure financial security and access to appropriate care as one ages or faces chronic health conditions.

Who should get Long Term Care?


Long-Term Care is typically recommended for individuals who have difficulty performing daily activities independently due to physical or cognitive limitations. The need for long-term care can arise from various factors, including:

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Aging: as people get older, the risk of chronic health conditions and disabilities increases, making long-term care more likely.

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Chronic Illness: individuals with chronic illnesses, such as Parkinson's disease, multiple sclerosis, or Alzheimer's disease, often require long-term care due to the progressive nature of these conditions.

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Disability: people with disabilities resulting from accidents, injuries, or congenital conditions may require long-term care to assist with their activities of daily living.

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Cognitive Impairment: individuals with cognitive impairments, such as dementia or Alzheimer's disease, may need specialized Long-Term Care to ensure their safety and well-being.

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Terminal Illness: in cases where a person has a terminal illness and requires palliative or hospice care, long-term care services may be necessary to provide comfort and support.

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It's important to note that the decision to seek long-term care depends on the individual's specific needs, preferences, and the availability of appropriate care options. It is advisable to consult healthcare professionals, including geriatricians or social workers, who can evaluate the individual's condition and recommend the most suitable long-term care options.

Why is Long Term Care Important?

 

Long-term care insurance is important for several reasons:

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Financial Protection: Long-Term Care (LTC) services can be expensive, especially when someone requires extended assistance with daily activities such as bathing, dressing, eating, and mobility. LTC insurance helps protect individuals and their families from the potentially significant financial burden of long-term care expenses. It can help cover the costs of nursing homes, assisted living facilities, in-home care, and other related services.

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Preserve Assets: without LTC insurance, individuals may be forced to liquidate their assets, such as savings, investments, or even their homes, to pay for long-term care. Having insurance can help preserve these assets, allowing them to be passed on to future generations or used for other purposes.

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Independence and Choice: LTC insurance can provide individuals with greater freedom and control over their Long-Term Care options. It allows policyholders to choose where and how they receive care, whether it's in a nursing home, assisted living facility, or their own home. Without insurance, individuals may have limited choices and be reliant on government-funded programs, which might have restrictions and waiting lists.

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Relieve Family Burden: Long-Term Care needs can place a significant emotional, physical, and financial burden on family members who may have to provide care. LTC insurance can help alleviate some of this burden by providing financial support for professional caregivers, reducing the strain on family members, and allowing them to maintain their own work-life balance.


Increasing Life Expectancy: people are living longer, and there is a higher likelihood of needing long-term care as they age. LTC insurance helps individuals prepare for the possibility of requiring extended care later in life and provides a safety net in case of unexpected health issues or accidents.


Peace of Mind: having Long-Term Care insurance offers peace of mind, both for the insured individuals and their families. Knowing that there is a financial plan in place to handle potential long-term care needs can alleviate worries and allow individuals to focus on their well-being and quality of life.

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It's important to note that the necessity and benefits of Long-Term Care insurance may vary depending on an individual's financial situation, family support, and personal preferences. Consulting with a financial advisor or insurance professional can help determine if Long-Term Care insurance is appropriate for specific circumstances.

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DO NOT SHARE WITH THE PUBLIC!

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Paramount Leadership Development is an organization that is comprised of individuals associated with World Financial Group Insurance Agency, LLC and World Financial Group, Inc., but it is not an affiliated company of World Financial Group, Inc., WFGIA, (In California dba World Financial Insurance Agency, LLC.), World Financial Group Insurance Agency of Hawaii, Inc., World Financial Group Insurance Agency of Massachusetts, Inc. nor WFG Insurance Agency of Puerto Rico, Inc. (collectively referred to as “WFG”).

These agents offer insurance products through World Financial Group Insurance Agency LLC., World Financial Group Insurance Agency of Hawaii, Inc., World Financial Group Insurance Agency of Massachusetts, Inc., (In California dba World Financial Insurance

 

Agency, LLC) and/or WFG Insurance Agency of Puerto Rico, Inc. – collectively WFGIA.

WFGIA Headquarters: 6400 C Street SW, Cedar Rapids IA 52499. Phone: 770.453.9300.

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Tax and Legal Disclosure Neither World Financial Group nor its agents may provide tax or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal professional regarding their particular situation and the concepts presented herein.

 

SUCCESS / RESULTS FOOTNOTE:
Many people have experience various levels of success with World Financial Group. However, each individual’s experiences may vary. This statement is not intended to nor does it represent that any individual results are representative of what all participants achieve when following the World Financial Group system.
 

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