Long term care insurance can be a confusing topic with many misconceptions surrounding it. Here are the top 10 myths about long term care insurance:
Myth #1: Long term care insurance is only for the elderly.
Fact: Anyone can require long term care at any age due to accidents, illnesses, or disabilities. Wouldn’t it be a better situation to be prepared and have coverage in place?
Myth #2: Medicare will cover long term care expenses.
Fact: Medicare only covers a limited amount of long term care expenses, and only for a short period of time. Long term care insurance is designed to cover the cost of extended care.
Myth #3: I won’t need long term care insurance because I have family members who can take care of me.
Fact: While it’s great to have a support system, your loved ones may not be available, or have the necessary skills or resources to provide the level of care that you need.
Myth #4: Long term care insurance is too expensive.
Fact: The cost of long term care insurance varies depending on several factors, including age, health, and coverage options. However, the cost of not having long term care insurance can be staggeringly higher in the long run.
Myth #5: I can wait until I’m older to purchase long term care insurance.
Fact: The younger you are when you purchase long term care insurance, the lower your premiums will be. Waiting until you’re older can result in much higher costs, and health conditions might rule out the possibility of owning coverage.
Myth #6: I don’t need long term care insurance because I have a good retirement plan.
Fact: Even with a good retirement policy, long term care expenses can quickly deplete your savings. Long term care insurance can help protect retirement savings.
Myth #7: Long term care insurance only covers nursing homes.
Fact: Long term care insurance is primarily used to avoid a nursing home. It also covers in-home care, adult day care, assisted living facilities, and more.
Myth #8: I don’t need long term care insurance because I’m healthy.
Fact: No one knows what the future holds, and unexpected accidents or illnesses can happen to anyone. Having long term care insurance can provide peace of mind.
Myth #9: Long term care insurance is unnecessary if I have disability insurance.
Fact: Disability insurance only covers a portion of lost income, while long term care insurance covers the cost of care, protecting your savings.
Myth #10: I can’t get long term care insurance because of my pre-existing conditions.
Fact: While some pre-existing conditions may make it more difficult to obtain long term care insurance, it may still be possible to get some coverage. It’s important to work with an insurance agent experienced in long term care coverage to explore your options.