Paying for Long Term Care is something everyone needs to plan for and understand. There is so much misinformation out there about Long Term Care Insurance, I decided to share the top 5 Myths.
Please contact me regarding Long Term Care Insurance as I have experts on call who can insulate you from these future expenses.
Everyone should have their Long Term Care needs evaluated sooner rather than later. Also, what are your parents’ Long Term Care plans?
Myth #1 – Medicare and other government programs will pay for my long term care needs.
Truth: Despite what many people believe, Medicare doesn’t provide meaningful coverage for long term care, and to qualify for Medicaid assistance, you may have to spend down your assets. See what Americans are paying for long term care in your state.
Myth #2 – I won’t need long term care insurance because my family is going to care for me.
Truth: Caregiving may be a difficult task financially and emotionally. Today’s caregivers struggle to balance time for their loved one in need with their own day-to-day responsibilities. Planning for long term care now will help manage some of the pressures of caregiving later.
Research shows, the close relationship between the caregiver and care recipient is a shared relationship with involved emotions, experiences, and memories, which can place a caregiver at higher risk for psychological and physical illness.1
Myth #3 – I can save enough on my own for long term care.
Truth: Long term care can be expensive and you may have difficulty saving enough on your own. You never know how the financial markets will perform or how expensive long term care could be down the road. Research shows that the cost of care increases dramatically each year. How will you pay for long-term care?
Myth #4 – Health insurance will pay for my long term care needs.
Truth: Health insurance may not cover ongoing long term care needs. Generally, private health insurance covers only skilled, short term care as you recover from an illness or injury. Explore your long term care insurance options.
Myth #5 – Long term care insurance is too complicated
Truth: It’s true that long term care insurance can be complex. However there are Long Term Care insurance alternatives out in the marketplace that are consumer friendly. Start your long term care planning today.
Please contact me regarding Long Term Care Insurance as I have experts on call who can insulate you from these future expenses.
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Chris Whalen, CPA
(732) 673-0510
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Red Bank, NJ 07701
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