You are here:

Home Blog LTC Staff The Top Five Misconceptions About Long Term Care Insurance

LTC Insurance Blog

Simplifying the process of understanding Long Term Care, and helping you decide if Long Term Care insurance is right for you.

Posted by LTC Staff
LTC Staff
Staff writers for LTC.com
User is currently offline
on Thursday, 10 September 2015
in LTC Insurance

The Top Five Misconceptions About Long Term Care Insurance

Medicare Will Pay For Long Term Care Services.

In some very specific instances, Medicare will pay a portion of Long Term Care costs. Receiving this benefit can be difficult as there are several conditions which must be met in order to qualify. On average, just over half of people seeking Skilled Nursing Facility coverage from Medicare meet these qualifying criteria, and Medicare typically pays only 3-4 weeks of SNF daily charges.

 

I Won't Need Long Term Care Services.

The odds of needing Long Term Care are overwhelming. Seventy percent of Americans turning age 65 will require some form of Long Term Care over their lifetime. With odds like that, it only make sense to protect yourself and your financial interests. You are far more likely to need Long Term Care than you are likely to experience a house fire. Most people wouldn’t even consider being without homeowners insurance, but there are far too many people who are not yet protected with Long Term Care insurance. Many people believe they simply will not need long term care as they age, but unfortunately the statistics do not back up their optimism.

 

Long Term Care Insurance Only Covers Nursing Home Stays.

Most of today’s policies cover Home Care and Assisted Living Facilities as well as Nursing Homes.


My Family Will Take Care of Me.

The role of Long Term Care insurance has less to do with you and your needs than you might think. Someone will probably find a way to take care of you when you need custodial assistance but the physical, emotional and financial cost on the people caring for you could be devastating. The real reason to consider Long Term Care insurance is to recognize the serious burden caring for you will place on your spouse, your children and other loved ones. Besides the significant financial hardship associated with Long Term Care, which often depletes retirement savings, family caregivers report high levels of depression, drug and alcohol use, time away from work and friends, and overall deterioration of their physical well-being.


I'm Too Young to Think About Long Term Care Insurance.

There are many claims at younger ages due to accidents and now an increasing number of early onset Alzheimer's claims. This often happens when people are in their 50s and takes them by complete surprise. When you sign up for a LTC policy the full benefits are immediately available. So in the unfortunate case that you have a claim in your 40s, 50s, or 60s, the benefits are there for you. Also, Long Term Care insurance rates are based on your age and health at the time you apply. The younger and healthier you are the lower your rates will be.


If you would like to speak with someone about Long Term Care, please give us a call at 1-800-432-0091 or fill out our online form to request a free rate comparison.

 

 

Tags: Untagged
0 votes
blog comments powered by Disqus

LTC.com 14140 Midway Road, Suite 150, Dallas, TX 75244             tel: 800-432-0091

 

LTC.com | All rights reserved.