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Fact vs Fiction About Long Term Care Insurance

  • Fiction: I am probably already covered for long term care.
    Fact: Most people think that their insurance covers long term care expenses. That is not so. Long term care is NOT covered by other kinds of insurance including your HMO, health insurance, or long term disability insurance. Only long term care insurance, that you typically purchase on your own, covers day-to-day personal care assistance when you are unable to perform everyday activities like bathing and dressing.
  • Fiction: Medicare or Medicaid will cover my long term care.
    Fact: Medicare does not generally cover long term care. Medicare only pays for skilled care in a nursing home for short periods (up to 100 days). If you need personal or custodial care, Medicare will not pay these costs. Medicare will only pay for care at home under very limited circumstances. Medicaid only pays for long term care for people with very few assets and limited income.
  • Fiction: Long term care is only for the elderly.
    Fact: While the majority of people who require long term care are elderly, younger people may need it at any time due to unexpected illnesses, diseases, injuries or accidents.
  • Fiction: I won’t need long term care insurance because my family will be able to care for me.
    Fact: Most families do provide care, but what if you need professional help or a professional stay in a nursing home or assisted living facility? Plus, caring for a family member can be a huge financial and emotional burden.
  • Fiction: I can’t afford long term care insurance.
    Fact: Long term care insurance is more affordable than you might think and can be tailored to meet your needs and your budget. The costs of long term care insurance can be managed by creating a retirement plan or a financial plan that is right for you. Also, the younger you are when you purchase long term care insurance, the lower the premiums.
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