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There are many myths about long
term care insurance. It's easy to be fooled by them: Long Term Care
insurance is a subject that no one really wants to examine, because
people are afraid of it. However, fear is most effectively cured
with information.
Some of the most common long term care insurance
myths are listed below.
Click on a myth to learn more ... or just scroll down the page.
"I'm Too Young"
"My Family Will Take Care of Me"
"Medicare and Medicaid Will Cover My Bills"
"I Can Save Enough on My Own"
"Long term care insurance is too expensive"
"I'm 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. The
fact is that untimely accidents or illnesses can strike at any age.
While 60% of people who will need long term care are 65 or older,
40% are working age adults between the ages of 18 and 64.
People of any age can develop serious conditions
that require assistance with routine daily activities for an extended
period of time and such help could be very costly. Long term care
insurance can help cover the cost of this care and protect your
assets.
"My Family Will
Take Care of Me"
This might have been a reasonable assumption years ago, when grown
children tended to settle 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.
"Medicare and Medicaid Will Cover My
Bills"
Medicare is generally available for those who are disabled and
for people over age 65. Medicaid is the government program to
help those in financial need. It won't kick in until virtually
all
of your assets and your spouse's assets have been consumed. People
who have higher assets or income may end up "spending down"
their savings and assets in order to be eligible.
"Medicare and Medicaid Will Cover My
Bills"
Will you have saved enough money to pay for the raising rate of
nursing home expenses? And, if you have that much money, will you
want
to spend
it for
long term care services? Many people will find
that
their assets will be depleted rapidly if they have to pay for long
term care services out-of-pocket.
"Long term care insurance is too expensive"
Long term care insurance premiums are lower the younger
you are when you buy. So, it makes sense to purchase coverage when
you are younger and when premiums are more affordable. The bi-weekly
premium if you purchase coverage at age 40 for a plan available
from the Federal Long Term Care Insurance Program that covers home
and facilities care and keeps pace with inflation is $30.05.* At
age 50, if you purchase the same plan, that plan will cost $43.06*
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