Shedding Light on 7 Long Term Care Insurance Myths

Each November, supporters across the country use Long-Term Care Awareness Month as an opportunity to educate families about the importance of planning solutions for long-term care needs and how such long-term care insurance (LTCI) can protect their health and finances in their later years. For many, the first step in learning these solutions is to shed light on the myths and misconceptions about LTCI

Myth 1: .. There is a government program that will care of me Medicaid is a government program that will pay for some long-term care services. However, Medicaid eligibility requires that you meet the guidelines of the specific poverty in the state. Medicare, on the other hand, is a health insurance plan for seniors that covers skilled care to improve the health status of an individual. It does not cover custodial care, which means the type of care you get when you need long-term care

Myth 2: .. I can save money I have for long-term care This is not a practical approach to most individuals. Pay out of your own pocket for a few years of long-term care can deplete a lifetime of savings and retirement threaten you spent building several decades. The national annual average costs for long term care services are: $ 21,840 for home care (on the basis of a visit of four hours, five times a week); $ 39.500 for care in an assisted living facility; and more than $ 83,000 for care in a nursing home, according to the National Center for Long Term Care Information. For this reason, many financial planners and advisors consider LTCI an integral part of the financial plan of an individual

Myth 3: .. LTCI is only for the elderly The sooner you start planning for your long -term care, the better. hedging demand at a younger age will help make LTCI more affordable and provide more coverage options (the average age for new LTCI applicants is 57). In addition, accidents and chronic illnesses can occur at any age and may include the need for prolonged custodial care

Myth 4: .. I do not need LTCI because I have the health insurance long long-term care is the help, care or services from a person needs when they are unable to perform basic activities of daily living, such as bathing, dressing or eating -a need that often grows over time. This type of care is not covered by health insurance plans, which are designed to cover acute care skilled or someone you return to good health (think care vs cure ). Therefore, long-term care typically focuses more on care than on curing

Myth 5: .. I can not afford LTCI Without insurance, you may have a harder time providing care in the long term. Many plans LTCI can be designed to be compatible with a range of personal budgets and benefit levels to meet personal needs. Have some protection against the financial demands of long-term care is better than having none it does not have to be an all or nothing decision

Myth 6 :. LTCI covers the care for. a nursing home LTCI can provide benefits for care in the following settings: your own home, adult day care, hospice care, assisted living center or nursing home

Myth 7 :. We do not require LTCI because we each other. family and friends certainly play an important role in long term care situations according to AARP, more than 42 million Americans provide care to an adult with limitations in daily activities. This support, when prolonged, can cause high pressure on the caregiver-physically, emotionally and financially. LTCI can help support and supplement these informal care, and ensure care is received if a spouse or a family member are not physically able to provide care.

Waiting too long to meet your needs for long term care can have serious consequences. I encourage you to take the next steps to learn more about how LTCI and other resources can protect your finances, give you peace of mind, and if necessary, provide the care you need. Then begin the important discussion with your loved ones to see if LTCI is the right solution for you and your family.