What Is Truth And What Is Myth About Long Term Care?

The afternoon knows what the morning never suspected.” ― Robert Frost

This is a fact that no one can dispute…we are all aging. It began the minute we were born and will continue throughout our life. But one thing we don’t know, is how much, if any, long term care we will need.

The U.S. Department of Health and Human Services has said that if you are turning 65 today, there is a 70% chance that you will need some amount of LTC (long term care) during your lifetime. That’s a pretty big percentage…have you planned for it?

It’s quite clear, that just as we protect our homes with homeowner’s insurance, and our cars with auto insurance, we also need to protect ourselves and our loved ones by carrying Long Term Care Insurance. But many Americans who are 65 years and older aren’t protected by this type of policy. Maybe it’s because they don’t understand about LTC and may be confused as to what they have and what is needed. So maybe…

It’s time to clear up some of the myths about Long Term Care.

• Myth – I can worry about LTC when I am closer to retirement age.
  • Fact – It is actually less expensive to get LTC protection when you are younger, when you are in good health than when you are older and starting to experience health issues. If you wait, premium costs will increase each year you put it off.
• Myth – Because I waited until retirement age, it’s too late for me to purchase LTC insurance.
  • Fact – Of course, as we stated above, it’s better to prepare when you’re younger, but that doesn’t mean you’re out of luck if you didn’t. There are insurance products designed for those in retirement age.
• Myth – I have Medicare, so I should be okay.
  • Fact – Medicare will pay for skilled nursing costs, but it will not pay for most of the care you would receive in a nursing home, such as custodial, personal or intermediate care. LTC will pay for many of the services that you would require in assisted living, nursing, or at home…sometimes even covering some light house-keeping.
• Myth – If I need long term care, it will be covered in my health and disability insurance.
  • Fact – LTC isn’t covered under other types of health insurance…if you need long term care, you need to have a long term care policy.
• Myth – Long term care is just for old people.
  • Fact – Anyone, of any age, can find themselves needing the services provided by long term care, such as someone who has fallen ill with a long lasting illness or disease, or someone who has been in a bad accident and sustained life long injuries and needs.
• Myth – My retirement savings should be able to cover my needs.
  • Fact – Because of rising health costs, unless you are independently wealthy, your savings will be spent quite rapidly.
• Myth – I can’t afford LTC coverage.
  •  Fact – Can you really afford not to have it?

At Whitcomb Insurance we love to sit down with our clients, and we would be happy to sit down with you, and answer any questions you might have about Long Term Care to make sure you are well-protected.

Along with great insurance options, we also offer Financial Services. You can count on us to be totally honest and upfront with you!

Contact us or give us a call at 425-391-8731.