In my role as the Director of Insurance Planning at the Ellenbecker Investment Group (EIG), I work with our clients to evaluate how a long-term care insurance need would affect their retirement plans. There are a number of different types of insurance-based plans that we may recommend depending upon each client’s situation.
Regardless of the type of policy we recommend, I like to start by helping individuals understand some long-term care basics. Long-Term Care involves assisting with basic personal needs, rather than providing medical care. Typically, to qualify for benefits under a long-term care insurance-based policy, your doctor needs to certify that you need assistance with two of six Activities of Daily Living (ADL’s) or that you have a severe cognitive impairment. These ADL’s are recognized as:
Bathing – The ability to clean oneself and perform grooming activities like shaving and brushing teeth.
Dressing – The ability to get dressed by oneself, including fastening buttons and zippers.
Eating – The ability to feed oneself.
Transferring – The ability to walk or move oneself from a bed to a wheelchair and back again.
Toileting – The ability to get on and off the toilet and to clean up after using the toilet.
Continence – The ability to control one’s bladder and bowel functions.
In addition, your physician must certify that you will likely need assistance for 90 days or longer and must develop a plan of care for you. The care can be provided in your home, an assisted living facility, an adult daycare facility, or in a residential care location. Feel free to give me a call at 262-691-3200 if you have questions about how a long-term care need will affect your plan.