Long Term Care Review: The Answers

Good morning Women Supporting Women,

Happy Monday to you my fellow Queens.  I hope you all had an enjoyable weekend. I was supposed to do a Financial Workshop but it was canceled due to the weather.  I made sure I took full advantage of the time off and relaxed Saturday evening. On Sunday I went to church, and we spoke about Faith and preparing for Lent season.  I’m always excited about being able to get closer to God through way of fasting.

So for the past 7 weeks, we learned about Long-Term care and I posted Review questions in order to win a 15.00 gift card.

Well, I didn’t have any takers this challenge, so I will do the honors and share the answers 🙂

Answers

What is the purpose of Long Term Care? A: The purpose of Long Term Care is to set aside a pool of funds designated for a Long Term Care event where an individual can choose from a nursing home, at home care or skilled nursing/assisted living to rehabilitate.  Long Term Care also protects your assets from being depleted in the absence of an event.

When is the best time to purchase Long Term Care? A: When you are young and healthy
What are the 6 daily living functions? A: The daily living functions are toileting, continence, transferring, eating, bathing and dressing
Where are the 3 places you can rehabilitate at? A:  Skilled Nursing Facility, Assisted Living and at home.
Can you receive Long Term at home? A: Yes
Which is the most expensive place to receive Long Term Care? A: Skilled Nursing Facility – Private Room
How many functions does it take to have a Long Term Care situation? A:  It takes 2 out of the 6 daily living functions to qualify as a Long Term Care event
Will Medicaid/Medicare pay for all of a person’s Long Term Care? A: No.  They will pay a portion but not for the whole event
Does Long Term Care protect your assets? A:  Yes, Long Term Care protects your assets

Since we are in Tax season, we will discuss IRAs.  There are changes that I want to share with you.

As always, if you have any questions, please feel free to post here send an email to: thefinancialcomforter.com.

Have a beautiful and blessed week,

Marsha

Changing the lives in our community….one person at a time

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