Long-term care is a range of services and supports an individual may need to meet their needs. Most long-term care is not medical, but rather custodial care assisting in activities of daily living. Activities of daily living include eating, bathing, dressing, toileting, transferring, cleaning, and shopping. Long-term care is typically needed when an individual becomes mentally incapacitated with a disease like Alzheimer’s.
There are three methods to access long-term care: Medicaid, long-term care insurance, and paying for it outright. Medicaid reimburses the cost of medical fees but is only for individuals with nominal income and assets. Long-term care policies have a daily reimbursement for services assisting the policyholder with activities of daily living.
It is an unique program combining long-term care insurance and Medicaid Extended Coverage (MEC). A policy holder buys a traditional long-term care policy. With a Total Asset Protection plan when the benefits are exhausted, the policyholder can apply for MEC and are exempt from the Medicaid five year look back period.
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