Common Myths

There is much information to consider on the topic of long term care insurance.
Below are some common misconceptions concerning the topic.

I should wait until I'm well into my 70's to consider coverage.

There are two important points to consider regarding this myth. First, you must 'qualify' for long term care by being reasonably healthy. There is a risk your health could deteriorate and prevent you from getting coverage if you wait too long. Second, the younger you are the lower your premiums will be.

My extended family will take care of me so there is no need for Long Term Care planning.

It is easy to underestimate the emotional and financial strain of a parent moving in. A common phrase today is the 'Sandwich Generation' to describe children caring both for their parents and their own children. Time, money, energy, and emotion can be quickly drained. Additionally, as the severity of needs increase long established relational boundaries may be broken as help with bathing, toileting, and other personal activities is required.

I have enough money saved so I'll take my chances, plus the cost of a policy is so high!

Available information indicates many seniors will need some form of long term care services. While the cost of a policy may be high, it is very possible that the entire premium could be recouped by a one year stay in a nursing facility. It is common for us to insure an asset - for example our homes. A lot of money is tied up in our home so we purchase insurance to protect that investment. Our life savings is simply another asset and long term care insurance is a means of protecting it against an expensive long term care disaster.

Medicaid and Medicare will cover me so I don't need insurance.

It is important to understand exactly what Medicare and Medicaid will and will not do so you are not taken by surprise. Visit our 'further reading' section for direction on where to learn more. Regarding Medicare, on longtermcare.gov it is explained that "If you meet all these conditions, Medicare will pay for some of your costs for up to 100 days." Medicare does not, therefore, offer comprehensive coverage for ongoing long term care needs. As for Medicaid, this is a state run program to help impoverished citizens and you will be required to 'spend down' your assets to a certain level by paying for your own care before Medicaid will cover you.

This is too complicated so I'll wait until later.

Within a few hours you can learn a wealth of information form this site and other sites in our further reading section. Additionally, speaking with your family, friends, and an insurance agent will help put things in perspective. Whatever you decide, it is important to face the future with your eyes open to the risks you face to your savings and relationships. An ounce of preparation now can prevent a ton of frustration later and bring you peace of mind about the future. While we can't plan for everything, the reality of long term care needs as we age is something we can and should prepare for.

Have Questions?

If at any point you would like to speak with someone for more information,
contact 1-800-258-7041 or fill out our Request Information form!