Long Term Care
Myth vs. Fact
Nobody wants the cost of long-term care to drain hard-earned assets and burden family members. Yet, it happens everyday as the population grows older and the need for care increases mainly because often, these commonly-held misconceptions keep people from properly planning and discussing long term care options with family.
I am probably already covered for long term care
Fact: Most people think that their insurance covers long term care expenses. That is not so. Long term care is NOT covered by other kinds of insurance, including your HMO, health or long term disability insurance. Only long term care insurance that you typically purchase on your own covers day-to-day personal care assistance when you are unable to perform everyday activities like bathing and dressing.
Medicare or Medicaid will cover my long term care.
Fact: Medicare does not generally cover long term care. Medicare pays for skilled care in a nursing home only for short periods (only up to 100 days) during which you are recuperating following a hospital stay for a related condition. If you need personal or custodial care, Medicare will not pay these costs. Medicare will only pay for care at home under very limited circumstances. Medicaid pays for long term care only for people with very low assets and limited income.
I won’t need long
term care insurance because my family will be able to care for me.
Fact: Families do and will continue to provide care, but what if you need professional help or a stay in a nursing home or assisted living facility? Plus, caring for a family member can be a huge financial and emotional burden. And, the fact that family and friends may help supplement care does not have any bearing on the cost of coverage.
I can’t afford long term care insurance.
Fact: Long term care insurance is more affordable than you might think and can be tailored to meet your needs and your budget. The costs of long term care insurance can be managed by creating a retirement plan or a financial plan that is right for you. Also, the younger you are when you purchase long term care insurance, the lower the premiums.
Long term care is only for the elderly.
Fact: While the majority of people who require long term care are elderly, younger people can require it at any time due to an unexpected illnesses, diseases, injuries or accidents.