Long Term Care Insurance – Don't Hurt Yourself, Get These Facts
Long Term Care Insurance Don't Hurt Yourself
, Get These FactsThere are lots of misconception about long term care and the insurance policy that provides coverage for it. These misconceptions come with grave consequences and because of this we'll go through some misconceptions that are often touted as truths
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1. Health insurance and Medicare will take care of your long term care needs? Yes, depending on your situation and your policy terms, you'll get coverage for some time Typically for the first few weeks and nothing more.
2. But I'm young. Can't it wait until I'm at least 50? Yes, if you do NOT have a history of health conditions that trigger the need for long term care in your family. No, statistics show that about 40% of those on long term care are between 18 and 64.
Most people require long term care because of age-related issues. However, things like an auto crash, a bad fall, sports injuries, surgeries and such could also make a person require such care even though they are still young.
3. What if I want to self-insure (That is, pay out of my pockets) if I ever need long term care? Yes, this should be your position if you are a millionaire. In that case you'll just treat it like all other bills. But before you choose this route be aware of the fact that the average annual cost of long term care is about $70,000. If you and your spouse require long term care it will cost you $140K.
And with inflation, the rising cost of care and the increasing numbers of those who need this kind of care, the cost might as well be double by the time you need this policy.
4. But won't Medicaid take care of those who can't pay for long term care? Yes, it will pay but then you have to be poor enough. This might mean that you'll lose some of your investments before you can become eligible.
But don't let anyone bother you with this policy if you don't have any way to pay for coverage, no assets to protect, or don't have a family to leave your assets.
5. Long term care insurance is too expensive. No, it isn't being without it is. It will cost you between $1,000 and $6,000 per year (depending on your profile and what you choose) to get this policy. However, it will cost you $36,000 to $84,000 yearly if you choose to pay from your own pockets.
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