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Fiction: I am probably already covered for long term care insurance.
Fact: Most people think that their insurance covers long term care expenses. That is not so. Long term care is NOT covered by other kinds of insurance, including your HMO, health or long term disability insurance. Only long term care that you typically purchase on your own covers day-to-day personal care assistance when you are unable to perform everyday activities like bathing and dressing.
Fiction: Medicare or Medicaid will cover my long term care.
Fact: Medicare does not generally cover long term care. Medicare pays for skilled care in a nursing home only for short periods (only up to 100 days) during which you are recuperating following a hospital stay for a related condition. If you need personal or custodial care, Medicare will not pay these costs. Medicare will only pay for care at home under very limited circumstances. Medicaid pays for long term care only for people with very low assets and limited income.
Fiction: Long term care is only for the elderly.
Fact: While the majority of people who require long term care are elderly, younger people can require it at any time due to an unexpected illnesses, diseases, injuries or accidents.
Fiction: I won’t need long term care insurance because my family will be able to care for me.
Fact: Families do and will continue to provide care, but what if you need professional help or a stay in a nursing home or assisted living facility? Plus, caring for a family member can be a huge financial and emotional burden. And, the fact that family and friends may help supplement care does not have any bearing on the cost of coverage.
Fiction: I can’t afford long term care insurance.
Fact: Long term care is more affordable than you might think and can be tailored to meet your needs and your budget. The costs of long term insurance can be managed by creating a retirement plan or a financial plan that is right for you. Also, the younger you are when you purchase long term care, the lower the premiums.
Check out more facts about long term care or contact us a call to discuss your questions.
Senior Reserve Group is an independent agency versus a captive agency who can only sell one brand. Independent agents represent the best interests of the client by shopping with many different insurance companies. Senior Reserve Group’s loyalty lies with you, the client, not the insurance company. Our goal is to match the best plan to each client’s individual needs.
This is a proprietary website. and is not, associated, endorsed or authorized by the Social Security Administration, the Department of Health and Human Services or the Center for Medicare and Medicaid Services. This site contains decision-support content and information about Medicare, services related to Medicare and services for people with Medicare. If you would like to find more information about the Medicare program please visit the Official U.S. Government Site for People with Medicare located at http://www.medicare.gov
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We do not offer every plan available in your area. Currently we represent 11 organizations which offer 72 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.