When it comes to Long Term Care Insurance, most people think about 2 things, I won't need it or I can't afford it. Take a look at these 5 myths to see why you should look into LTC.
1) I won't need it. Currents statistics are that 1 in 2 women will need some sort of Long Term Care after age 65 and for men it's 1 in 3. Additionally 40% of all Americans who access Long Term Care are less than 65 years old. In California the average cost of a LTC care is close to $50,000 per year and a Harvard study stated that 69% of single people would exhaust their assets after 13 weeks in a nursing home. LTC is necessary to protect your finances.
2) I have health insurance so I don't need additional coverage. Health insurance plans (including Medicare) do not cover Long Term Care. Your health insurance will cover skilled care which can include rehab and physical therapy following a medical issue but it will not cover any costs affiliated with LTC, including nursing home care and in-home care.
3) I can buy when I need it. This is the most painful lesson to learn. Many clients want to purchase a LTC policy once they learn they (or their parents) will need Long Term Care. Unfortunately, like all forms of insurance you must purchase before the need arises. Too many people wait to purchase a plan and find that they won't qualify due to health issues or if they are healthy the premiums are too high based on their current age. Buy a plan when you are healthy and lock in rates based on your current age when they are lower.
4) If I buy a Long Term Care policy, I will have to move into a nursing home. This myth may have been true several years ago but today's policies offer coverage for care to be delivered at your home. A good LTC plan will cover in-home health assistance on a part time or full time basis. In fact most people who access their LTC policy benefits access them at home. A good LTC plan offers you options to maintain your independence.
5) I will lose my money if I never use the benefits. Again, this may have been true several years ago, but today many carriers offer hybrid plans that include LTC benefits within a life insurance policy. If Long Term Care is needed they are paid out of the plan and subtracted from the overall plan limits. If the benefits are never accessed or accessed on a limited basis any remaining funds are dispersed as a life insurance payout to the beneficiaries.
A quality LTC Plan is a great way to protect yourself and provide you and your family with options as you age. Don't allow old myths to keep you from looking into a LTC plan to protect your financial future. Check with a local agency that can answer all your questions and provide you a quote with no-obligation. Remember a good agent will give you a quote at no cost to you.
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