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Episode 115: Intro to Long-Term Care Planning
Manage episode 404830721 series 3330615
- Long-term care planning is a crucial aspect of retirement planning, as it can have a significant impact on financial security and the well-being of individuals and their families.
- A long-term care need is defined as requiring assistance with activities of daily living (ADLs) for more than 100 days. The six common ADLs include bathing, continence, dressing, eating, toileting, and transferring.
- Cognitive impairment, such as dementia, may also trigger the need for long-term care, depending on the policy's definition.
- It is important to distinguish between ADLs and incidental activities of daily living, as only ADLs typically qualify for long-term care benefits.
- The next episode will cover the costs and prevalence of long-term care, providing further insights into planning for this important aspect of retirement.
Links
Join the waitlist for the next Retirement Income Challenge by visiting risaprofile.com/podcast
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips147 episodes
Manage episode 404830721 series 3330615
- Long-term care planning is a crucial aspect of retirement planning, as it can have a significant impact on financial security and the well-being of individuals and their families.
- A long-term care need is defined as requiring assistance with activities of daily living (ADLs) for more than 100 days. The six common ADLs include bathing, continence, dressing, eating, toileting, and transferring.
- Cognitive impairment, such as dementia, may also trigger the need for long-term care, depending on the policy's definition.
- It is important to distinguish between ADLs and incidental activities of daily living, as only ADLs typically qualify for long-term care benefits.
- The next episode will cover the costs and prevalence of long-term care, providing further insights into planning for this important aspect of retirement.
Links
Join the waitlist for the next Retirement Income Challenge by visiting risaprofile.com/podcast
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips147 episodes
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