Long term care insurance enables you to cover the expenses when you experience an illness or disability that requires long-term hospitalization, nursing home care, or even at-home care. However, there are a lot of misconceptions regarding long term care insurance coverage. This blog will assist you in separating fact from fiction.
Fact vs. Fiction: Long Term Care Insurance
1. Medicare Coverage
- Fiction: Medicare, Medicare supplement policy or Medicaid covers long term care insurance.
- Fact: Medicare only covers up to a hundred days of skilled care in a nursing home following hospitalization. Medicaid does cover these costs, but only if your income is minimal and your assets are low.
2. Dependence on Family
- Fiction: Your family will take care of you when the need arises.
- Fact: While family and friends will undoubtedly help you out, however, it would also put an additional burden on them, both physically and mentally. A skilled caregiver can relieve the stress for you and your family.
3. Who Should Invest in Long Term Care Insurance?
- Fiction: Long term care insurance is only for the elderly.
- Fact: An accident can happen to anyone. Illnesses are not necessarily age-related. A fall, sports-related injury, or an accident is all it takes to leave you dependent on someone else to help you with basic needs. It is not just the elderly who need long-term care.
4. Affordability
- Fiction: Insurance is costly and not affordable.
- Fact: If you are young, then your long term care insurance quote will be less. Getting it now is the best investment for your future. Did you know that there is a 70% possibility that a person above the age of 65 requires long-term care? Home healthcare, as well as nursing home care, can be costly, so it is better to be insured.
Looking for more information about long term care insurance? Contact the experts at ISU-Wissink Insurance in Culver City, California. Our team can help you get the long term care insurance at a cost that works for you.