MYTHS & FACTS

There are many facts and myths surrounding the topic of long term care insurance. In order to make an educated decision on whether or not long term care insurance is the best fit for you and our family, you must have the proper information. Our hope is that we can dispel some of these many myths with facts right now.

I CAN SAVE ENOUGH ON MY OWN

 

With Long Term Care costs ever increasing, finding investment vehicles that will do the same at a necessary rate for 20 to 30 years is becoming more of a rarity. With the increasing Long Term Care costs, if one wishes to save enough on their own, there will need to increase their amount of savings over time. There is also uncertainty when a long term care situation might take place, how long it will last, and if it is in the home or a facility. There are a lot of unknown variables that need to be considered when thinking about saving enough on your own.

I HAVE MEDICAL AND DISABILITY ALREADY

 

Long Term Care is rarely covered by health insurance plans, and disability insurance is to replace your salary if you are still working and under the age of 65. It doesn’t provide additional benefits for Long Term Care services. Medical and disability insurance is on one side of the same coin with long term care insurance on the other.

I MAY NEED LONG TERM CARE

 

The truth is today’s medical advances make it very likely that you will survive well into your 80’s. In fact, the chances of needing long term care have tripled since the 1980’s. The longer you live, the more likely you will need Long Term Care services. Ironically, most people insure their cars and their homes, but not the cost of a nursing home stay – the risk that’s most likely to occur.

I AM TOO YOUNG

 

A lot of us think that only senior citizens need to worry about Long Term Care, so we put off preparing for the possibility. Unfortunately, untimely accidents or illnesses can strike at any age. 42% of the 12 million Americans receiving Long Term Care are under the age of 65. The truth is people of any age can develop serious conditions that require assistance with routine daily activities either on a temporary basis or a permanent basis.

A lot of us think that only senior citizens need to worry about Long Term Care, so we put off preparing for the possibility. Unfortunately, untimely accidents or illnesses can strike at any age. 42% of the 12 million Americans receiving Long Term Care are under the age of 65. The truth is people of any age can develop serious conditions that require assistance with routine daily activities either on a temporary basis or a permanent basis.

MY FAMILY WILL TAKE CARE OF ME

 

This might have been a reasonable assumption years ago when grown children often lived near their parents and women stayed at home. In today’s society, children may live across the country or around the globe. And many women are active in the workforce with less time to fulfill their traditional caregiver role. The rising cost of living had necessity to need for two income families. In today’s society, people have never been busier, making it difficult to care for other family members.

IT IS NURSING HOME INSURANCE

 

No one ever wants to go to a nursing home, but at some point in your life it could become necessary. Don’t confuse nursing home care with the need for Long Term Care assistance. Most Long Term Care is provided in settings other than a nursing home. In fact, most Long Term Care is provided in the home. Today’s best Long Term Care policies cover all key care giving needs and settings from the home to the facility.

MEDICARE & MEDICAID WILL COVER MY BILLS

 

Medicare is generally available for those who are disabled and for people over age 65, but it only pays limited amounts of Long Term Care services and only if you meet Medicare’s conditions for payment. Medicaid is the government program to help those in financial need. It won’t kick in until virtually all of your assets have been spent down and consumed. Medicaid is the single largest provider of Long Term Care. The government has created the Partnership program as a thank you for getting private Long Term Care insurance as opposed to using these programs.

LONG TERM CARE INSURANCE IS TOO EXPENSIVE

 

Long Term Care insurance is often more affordable than people think. Premiums are based on your age at the time you apply for coverage, so the younger you are when you get the protection, the more affordable it can be. Further, just one year in a nursing home is often more expensive than 20 or 30 years of Long Term Care insurance premiums. In most cases, after many years of paying premiums, the amount of benefits paid out of the policy will exceed premiums paid in usually within the first year.

© 2018 PNW Insurance Services Donald J Levin Jr.

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