Common Myths and Misconceptions About Long Term Care Insurance
There are many misconceptions when it comes to Long Term Care (LTC) coverage. It’s important to educate your clients on why this coverage is an important addition to their existing insurance portfolio and the differences in what’s covered.
The following facts/myths outline some frequent points when considering this coverage:
MYTH: I cannot afford LTC insurance.
FACT: Without insurance, you may have a more difficult time affording LTC services. A LTC insurance plan can be designed to fit a range of personal budgets.
MYTH: I don't need LTC insurance, I have health insurance.
FACT: LTC is the assistance, care or services a person needs when they are unable to perform basic activities of daily living. Most LTC is due to a chronic illness and is progressive in nature with the need for care often growing over time. This type of care is not covered by health insurance plans, which are designed to cover the skilled or acute care needed to return someone to good health.
MYTH: There is a government program that will take care of me.
FACT: Medicaid is a government program that will pay for certain LTC services. However, eligibility for Medicaid requires that you meet state-specific poverty guidelines. Medicare is a senior health insurance plan that covers skilled care designed to improve an individual's health condition. It does not cover custodial care.
MYTH: LTC insurance only covers care in a nursing facility.
FACT: LTC insurance will provide benefits for care in the following settings: your own home, adult day care, hospice care, residential care facility, or a nursing facility.
MYTH: We don't need LTC insurance because we have each other.
FACT: The reality is that the need for LTC does not only affect the individual in need of care, but can also impact the entire family,across multiple generations, including parents you may still care for and/or children that depend on you. LTC insurance can support and supplement such informal care.
MYTH: LTC insurance is only for the elderly.
FACT: Accidents and chronic illness can happen at any age and can include the need for extended custodial care. The availabilityand cost of LTC insurance are based on your health and age at the time of application. Planning ahead can pay off
For more information about Long Term Care visit our Executive Benefits page or contact our Asst. VP of Executive Benefits Steve Quirk