As modern medicine, has progressed over the last few decades, and becoming health conscious has become the norm, people are living longer. Most individuals can retire from years of work by age 65. Consistent planning is a requirement to determine their financial future. With age advancement, comes health issues.
Prior to 1965, nearly half of the elderly had no health insurance and many others had inadequate coverage. Per the US Dept. of Health and Human Services, the Older Americans Act (OAA) was passed by Congress in 1965 as a response to policymaker concerns about the lack of services for older adults. The OAA promotes the well-being of older individuals by providing services and programs designed to help them live independently in their homes and communities. Grants were provided to States for community planning, social services, research and development projects, and training on aging related issues.
Medicare was initially formed by the federal government to ensure people over the age of 65
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It covers long-term services and supports, including personal and custodial care in a variety of settings such as home, a community organization, or other facility. Long-term care insurance is a form of reimbursement to policyholders of a daily amount, based upon a pre-selected limit, for services to assist them with activities of daily living such as bathing, dressing, or eating. The down side of long-term care insurance is if the individual is in poor health or already receiving long-term care services, they may not qualify for long-term care insurance as most individual policies require medical underwriting. Medicare.gov defines medical underwriting as “A process used by insurance companies to try to figure out your health status when you're applying for health insurance coverage to determine whether to offer you coverage, at what price, and with what exclusions or