Long-term care is not a place ... it's an event
A "post-retirement" disability
Long-term care is simply a type of disability.
Instead of limiting the ability to work and earn a living, a long-term care disability limits your ability to take care of yourself.
An "occupational" disability cuts off your income. A long-term care disability adds expenses - forcing a reallocation of income, lifestyle compromises and eventually a loss of assets that support everything financially in retirement.
Long-term care is a "functional" disability that is most likely to occur when we live a long life, but could happen at any age due to an accident or severe illness. Long-term care is generally measured one of two ways:
Instead of limiting the ability to work and earn a living, a long-term care disability limits your ability to take care of yourself.
An "occupational" disability cuts off your income. A long-term care disability adds expenses - forcing a reallocation of income, lifestyle compromises and eventually a loss of assets that support everything financially in retirement.
Long-term care is a "functional" disability that is most likely to occur when we live a long life, but could happen at any age due to an accident or severe illness. Long-term care is generally measured one of two ways:
- - Supervision for a mental limitation - a "cognitive impairment" - like Alzheimer's, dementia or as a result of a stroke or head injury. OR
- - Assistance with physical activities called "Activities of Daily Living" or "ADLs" - Bathing, dressing, transferring (getting in/out of a bed or chair), eating, toileting or continence. Assistance could be as simple as stand-by, supervisory assistance to make sure you're safe.
