"The most devastating thing that could happen to your financial future is not a bear market. It's the need for long-term care--for yourself, your spouse, or your parents." - Terry Savage, Chicago Sun-Times Financial Columnist
Home and community-based care and nursing home care may well be the nation's greatest uninsured need. It is the largest health care expense that is not covered by group and individual health insurance, HMOs, retiree health plans or Medicare, Medicare Advantage plans and Medicare supplements. Why is this? Because long-term care is assistance you may need over an extended period of time to manage, rather than cure, a chronic condition or to compensate for a limited ability to function.
Conventional insurance and Medicare only pay if there is a cure in sight. In other words, if you are showing progress, it is very important for you to understand the type of care you will need to manage a chronic condition. You may need long-term care services if you need help from another person to perform daily activities, such as bathing, dressing, or eating. You may also need long-term care services if you need ongoing supervision because of deterioration in your mental capacity (such as from Alzheimer's Disease or other forms of dementia).
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