Long-Term Care
Long term care is a broad range of supportive medical, personal and social services needed by people who are unable to meet their basic living needs for an extended period of time at home or in an institution. This may be caused by accident, illness or frailty.
Care traditionally provided by government agencies is diminishing. Medicare spending on home care dropped by $17.5 billion in 1997 to $14.9 in 1998 and to $9.7 billion in 1999. It is predicted that an aging population over the next 20 years will cause a huge drain on state Medicaid programs, which are currently the primary source of funding for nursing homes.
No one likes to think of the possibilities of becoming frail or needing the help of family members or professionals just to carry out day-to-day activities. Long-term care requires a healthy person to provide support for the disabled person. As a rule, those who are disabled prefer to stay at home and if there is a healthy spouse the standard of living is greatly reduced. As a result, the delay in thinking about long term care or preparing for long term care greatly reduces the standard of living and a reduction of assets.
- Planning – allows you to make informed choices, have greater control and feel more secure that you have reduced the potential burden on your family.
- Costs and payment - review of assets and goals, health insurance review, payment choices, coverage options and Medicaid.
- Kinds and coverage – policy benefits, limitations and premiums.
NOTE: Investment products offered through Enterprise Bank & Trust are:
- NOT FDIC insured
- NOT guaranteed by Enterprise Bank & Trust or any of its affiliates
- Subject to investment risk and may lose value