Long term care insurance seems to have a long list of myths surrounding both the policy and its requirements. Further, it is easy to be confused by insurers who offer policy coverage you either can not afford, or maybe do not even need: Long Term Care insurance is a subject that no one really wants to examine, because people are often afraid of it. However, fear is most effectively cured with information.

“I’m Too Young to Think about Long Term Care Health Insurance Coverage”

A lot of us think that only senior citizens need long term care insurance, so we put off preparing for the possibility of long term care assistance. The fact is, untimely accidents or illnesses can strike at virtually 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. Long term care insurance can help cover the cost of this care and protect your assets. 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. Without adequate long term care insurance coverage, your family could be devastated by the cost of in-home and nursing care.

 

“Why Buy LTC Coverage, My Family Will Take Care of Me”

At-home long term care 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. Finally, the future holds many unknowns, and that uncertainty is probably the ultimate answer to the question of “why do I need to buy long term care insurance?”

 

“Medicare and Medicaid Will Cover My Long Term Care Bills”

Medicare insurance is generally available for those who are disabled and for people over age 65. But Medicare is primarily for hospital and medical bills — and Medicare doesn’t cover everything. Medicaid is the government program that helps those in financial need. It will not 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. By purchasing long term care insurance, you won’t have to rely on Medicare or Medicaid (if they’ll even be there) to help you with your future care expenses.

 

“I’ll Save for Long Term Care Health Insurance”

Saving for Long term care? Will you have saved enough money to pay for the raising rate of nursing home care expenses? And, if you have that much money, will you want to spend it for LTC services? Many people will find that their assets will be depleted rapidly if they have to pay for services out-of-pocket.

 

“LTC 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*