Long Term Care Myths

MY CHILDREN WILL TAKE CARE OF ME -- Most adult children would willingly take care of an aging parent if the need arose. Many are doing it now. However, as you require more care, it may become impossible for your children to take care for you while maintaining their own lives and families. Wouldn't you like to know that, if the time came, you have the freedom to make the choice yourself without having to burden your loved ones?

MEDICARE PAYS FOR LONG TERM CARE -- This is a common misconception. Medicare has strict rules and regulations you must meet before it will pay you for your care. Even then, benefits will only be payable for a maximum of 100 days. Currently, Medicare pays for only skilled and rehabilitative care, and not for the costs of ongoing assistance required by many elderly persons. What kind of care will you need? Who will pay?

I WILL NEVER GO INTO NURSING HOME -- Unfortunately most people like to believe this, but one national study indicates that people of age 65 face at least a 49 percent lifetime risk of entering a nursing home. About 10 percent will stay five years or longer. What are your chances? Do you want to risk it?

WHY SHOULD I BUY LONG TERM CARE INSURANCE? -- For the same reason you should buy auto insurance, home owners insurance and health insurance -- to help protect yourself and your assets. The average stay in nursing home is 2 1/2 years, and currently can cost as much as $100,000 to $200,000. The costs may be much higher in the future. Wouldn't you rather be prepared?

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