Many people end up needing professional help with their daily living activities when they get older. Long term care insurance policies can cover the cost of care if you become unable to care for yourself due to old age, illness, or injury. There are a lot of myths and misconceptions floating around about long term care insurance and long term care in general. We created this list of 5 myths you may have heard:
- “Medicare will cover my long term care.”
It’s a common thought that Medicare will pay for long term care, but that generally isn’t the case. Medicare may cover at-home care and will only do so under limited circumstances.
- “My family will be able to care for me if I ever need it”
While your family may be willing to help, depending on what type of condition you have, it may be necessary for you to have professional assistance. Certain conditions require around the clock care by multiple trained specialists. You shouldn’t expect your family members to have the capabilities to step into that role.
- “Most LTC claims are for nursing home care.”
According to the American Association for Long Term Care Insurance, nursing home care only accounted for 23% of new claims in 2019, while assisted living accounted for 24.5% and home care accounted for 51.5%.
- “I probably won’t need long term care.”
According to statistics, you have a better chance of needing it than not. Longtermcare.gov estimates that someone turning 65 today has a nearly 70% chance of needing some type of long term care in their remaining years.
- “Long term care insurance isn’t affordable”
There are plenty of affordable options and policies can generally be tailored to fit your budget and needs. If you are interested in learning about policy options and getting a quote, get in touch with Absolute Retirement Solutions today.
Insurance and annuity guarantees are backed by the financial strength and claims paying ability of the issuing company.