Facts & Myths of Long Term Care

Through out our lives, we look forward to retirement, time with the family, vacations, Etc. Long Term Care is not something that any one looks forward to. Unfortunately, it is a reality that we must plan for. Like a car accident or our home burning down, we plan and insure for the worst and hope that we never encounter such a disaster.

Despite the discussion regarding Long Term Care, car accident or home disaster, if you need it, who will pay the bill? We will give you some options and also provide some information for you. With information, you can make a prudent decision now as to how you want to protect yourself and family from both the personal and financial the cost of Long Term Care.

Long Term Care Insurance is the easiest way to protect yourself. Newer plans and different companies have many designs that enable you to obtain the protection you need at an affordable cost. Many persons will still say that they just do not want a Long Term Care policy regardless if it is the best choice. Fortunately you do have options. You can always plan on never needing the care, expect your children to care for you, Pay for it from your assets, or plan an alternative method. 

First a Long Term Care policy is not for everyone. When you contact us, we can help you choose a way to cover the potential need. Not every one may qualify because of health, your age may make the cost unaffordable, you may have other assets that can be positioned to be there when and if needed, Medicaid may be an option. Your assets may in a position that a policy is not in your best interest

Who actually does pay the cost

for Nursing Home care

Myth: I have enough money, I do not need any planning!!!!!

Consider if you have a nurse in your home 24 hr’s @ $25 per hour. That is $600 per day or $219,000 per year

Consider if you have Alzheimer’s requiring care out side of the home. #1 problem is that Alzheimers is a mental problem, not physical. Medicare does not recognize Alzheimer’s as a problem they cover.  You are physically healthy for 10 - 20 years which is not uncommon. 10 years care @ $50,000 per year = $500,000.  The real cost can be and is staggering.

Myth: My children will take care of me.

Consider that they have their own family commitments. Do you want to be a burden on your children? Can the family members cope with the future needs you will require? If their children are gone and they are looking forward to traveling in their retirement, where do you fit in? Agreed that many families can and do take care of a parent. It does put a strain on the marriage and may at some time force them to make decisions that no one will like. This option requires some very serious discussion.

Myth: I will never go to a nursing home !!!

Consider the old saying: Never say Never. Your health,  not you will decide for you if you need to go to a nursing home. You may not have any choice in the matter. 

This Myth section could go on for along time. Unfortunately the reality of todays extended family in different parts of the country, and health requirements force us to plan ahead. There are options that would be agreeable to you. Also having planned ahead will take a tremendous burden off of family members when the need arises.

If you have a question or unsure about something, contact us for clarification

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