5 Myths about Long Term Care Insurance
By Wayne Van. Founder and Owner of The Van Group, LLC
Helping families plan with their Long-Term Care protections needs since 1997
The Van Group has helped 1000’s of people in LA, MS and AR protect themselves and their families from the high cost of long term care. Today, there are more affordable options available to our clients than ever before. Don’t go to an agency that “sells” long term care insurance but find one who specializes in all different types of long term care protection and speak to an expert who can tailor you a plan to fit your needs and your budget.
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MYTH: I'm young and healthy, so why do I need long term care insurance?
FACT: Currently almost 1 in 2 people will require some sort of long term care assistance over the age of 65. Forty percent between the age of 18 and 65! There is also a 1 in 3 chance you will have to assist a family member with such care. -
MYTH: If I do need long term care, the federal government will pay the escalating costs of long term care?
FACT: The federal government cannot afford to pay for long term care. Medicare only reimburses some, if any, costs for the first 100 days of care, nothing thereafter. Medicaid is for the people who are most in need. Qualifications for this program require a substantial spend-down of assets and limits the choices and therefore the quality of care you will receive. -
MYTH: My children will take care of me.
FACT: Long term care situations can create great emotional strain for family members. As a result, maintaining independence and future peace of mind are the main reasons people purchase long term care insurance today. -
MYTH: Long term care insurance is not a good value.
FACT: The average annual cost for a private room in a nursing home is $70,080(national avg.). This is why 72% of those admitted into nursing homes are impoverished within a year. -
MYTH: I cannot afford long term care insurance.
FACT: If you wait until later, that may be true. The younger you are when you purchase a long-term care policy, the less you'll pay. Waiting until later also means there is a chance you may not even be eligible for coverage, due to a change in your health.