Understanding Long Term Care Insurance Myths
and Facts |
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.
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.
"Im Too Young to Buy Insurance"
"My Family Will Take Care of Me"
"Medicare and Medicaid Will Cover My Bills"
"I Can Save
Enough on My Own"
"LTCI is Too Expensive"
"I'm
Too Young to Think about Long Term Care Health Insurance Coverage"
A lot of us think that only senior citizens need to worry about
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.
"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.
"Medicare and Medicaid Will Cover My
Bills"
Medicare insurance is generally available for those who are disabled
and for people over age 65. 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.
"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.
"LTCI 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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