Fiction: 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.
Fiction: 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.
Fiction: 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.
Fiction: 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.
Fiction: 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. If it truly is outside your budget, or underwriting becomes an issues, we can often provide short term care coverage that would provide care for up to one year. This is definitely a case where something is better than nothing. 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.
Check out more facts about long term care or give us a call to discuss your questions.