Myth 1: Medicare will cover me.
For the same reason that your regular health insurance will not cover long-term care, Medicare won't cover most long term care services. This is a financial and planning misconception that will require you to pay for long-term caregiver services using your current cash flow.
Myth 2: My spouse or children will take care of me.
What happens if your spouse also needs long-term care or you are single or your children are far away or are too busy or can not afford to take time off to provide the care you need? Demographics and family situations have changed in today’s modern, mobile workforce. You simply can’t rely on your family, children, social services, or service organizations to provide this kind of care.
Myth 3: Long term care insurance companies provide the only solution.
Owning a long term care insurance policy from a reputable private carrier remains the best defense against your future long-term care needs.
Myth 4: I can wait until I retire to own a long term care plan.
While it’s never too late (or too early) to purchase a long term care insurance policy, it is more expensive if you wait until you are in your 60s.
Myth 5: Long term care insurance covers only nursing homes.
Comprehensive plans cover care services whether you are living in your home or in a care facility.
Myth 6: “Elimination period” means waiting period.
This is the period between the time you qualify for care services and when you begin to receive long term care benefits. Riders are available to provide immediate benefits if care giving services begin at home.
Myth 7: I cannot afford long term care insurance.
Even modest policies from reputable long term care insurance companies may mean the difference between obtaining the care you need and subjecting yourself and your family to the financial and emotional stress of becoming your care givers.
Believing “I am in good health so I do not need to own long term care insurance” is contradictory to what happens in our lives. In addition, those who develop chronic health issues will no longer be eligible for any long term care plan. Now is the time to prepare.
Myth 8: It does not matter who sells me a plan.
Many people recommend and sell long term care plans: financial planners, general insurance agents, and other advisers.
Long term care insurance is a specialty benefit product. There are a variety of carriers and options to consider based on health, financial suitability, and what you want to accomplish. Consult with a knowledgeable planner who is competent and knowledgeable with underwriting requirements and carrier benefits.This is something you and your family need to get right the first time.