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Posted by on January 3, 2008, 5:06 am
I am confused about terminology related to what I call (but might
not be) "long-term care". Using the right terminology seems to be
essential (as always) to understanding long-term financial planning.
For example, in another thread, someone wrote:
> My mom has a State Farm LTC policy that forgives the annual
> premium if she's in a residential care situation. While receiving
> home care she has to pay the premium and the 20% deductible.
>
> We worked out a budget showing that her present lifestyle is
> sustainable essentially permanently if she moves into assisted
> living. In addition to not paying for the policy, expenses related
> to her condo disappear in that case.
This is the kind of arrangement I would like for my elderly mother.
But I'm confused about the difference between "residential
situation" v. a condo in an "assisted living" situation.
Would a live-in care-giver qualify as "assisted living", even if the
"condo" (which might be a free-standing house) is not in a
"community living" situation?
And beware: I might not be using "community living situtation"
correctly. I mean a planned community, usually gated, that is
intended for retirement and/or elderly living.
Or does the term "assisted living" refer only to "nursing home"
situations?
Does "long-term care" apply only to care given only to someone
who cannot tend to their own personal care?
Or could the term also apply to someone who just needs help
with shopping, household chores, household projects because
the elderly person has physical limitations -- like arthritis,
difficulty breathing, etc -- that make these tasks difficult, but
not impossible?
Are these terms well-defined and used somewhat in a standard
manner in the LTC industry? Or must I read between the lines?
I could probably go on and on with questions, each built on the
possible-false assumptions about the answers to earlier questions.
But perhaps what I really am asking is: where is the best place
to start to understand the correct terms to use to apply to various
stages of the "elderly" phase, beginning with when a person
begins to have "difficulty" getting around and doing simple tasks
due to aches and pains and we begin to be concerned about her
living alone up to the point where a person is truly vegetative or
at least very incapacity either mentally or physically?
Disclaimer: I hope the moderator does not feel this is too far
off-topic. In my way of thinking, it is major part of the long-term
financial planning task. At least, this is one of the biggest
unknowns that my mother constantly brings up whenever we
discuss her current financial situation and whether or not it
covers her needs "later in life" -- which may not be that far off.
"How much can she spend now and what investment risk can
she assume now without jeopardizing her ability to support
herself for another 10-15 years?"
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