Seven myths about longterm care Retirement prep should a longterm care plan NAPS NEWS SERVICE
As
you develop your retirement plans and think about how a potential need for longterm care may impact those plans and your loved ones, certain misconceptions may prevent you from taking action. Here are seven common longterm care myths: Myth No. 1: I’ll never need longterm care. According to the U.S. Department of Health and Human Services, almost 70 percent of Americans turning 65 today will need
some type of longterm care in their remaining years.
will step in to help.
In 2018, nursing home costs averaged more than Myth 3: My family will take $91,000 a year nationally. care of me. The majority of Americans Myth 2: Government The financial, physical would quickly deplete their programs will cover all of my and emotional stress that retirement savings if they longterm care expenses. full-time care giving may needed care for an extendMedicare pays for nurs- place on families can be ed period of time. Even ing home care, but only overwhelming. Sometimes if you can afford to cover a portion of the costs for the best way to take care longterm care services a maximum of 100 days of a loved one needing out-of-pocket, consider the and only if the three-day longterm care is to ensure benefits of sharing the risk hospital stay requirement they have access to profes- and costs using a longterm has been met. And, while sional care. With advances care planning solution such Medicaid covers certain in home care services, as insurance. longterm care costs, it’s many people needing intended to be a safety longterm care are actually Myth 5: I am better off net for those with limited able to stay at home, with waiting until I am closer or minimal income and or near family, and still to retirement to obtain assets. To qualify for bene- receive the professional longterm care coverage. fits, you must spend nearly care they need. Generally, it is best to all of your savings and plan for longterm care reduce most of your assets Myth 4: I can pay for my in your 40s or 50s, when longterm care out-of-pocket. you are younger and more before the government
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Myth 6: Longterm care coverage is just too expensive. Longterm care coverage options have evolved to meet most any need, with some options starting at $100-$150 per month per person. Plans can be personalized to suit your budget and discounts may be available to partners and spouses. Even a small policy can help reduce the financial and emotional burden of a longterm care event and provide access to valuable benefits. Myth 7: Longterm care policies only cover nursing homes. Longterm care solutions may offer valuable benefits that allow you to stay in your home for as long as possible. Some even reimburse family members for providing care. longterm care solutions can also help cover the cost of adult day care centers, assisted living facilities, and nursing homes as care needs evolve.
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likely to be healthier and insurable (underwriting is required). Also: premiums generally are lower when you are younger. Your insurability can change any time, and a need for care can arise at any age, so purchasing coverage earlier can be a wise decision.
If some of these misconceptions have prevented you or a loved one from creating a plan to address future longterm care needs, now might be a good time to take a step back, consider your financial plan and desired future care, and how you want to address it, with you and your loved ones in mind. M O N D A Y, D E C E M B E R 7, 2 0 2 0
