For many folks, Long Term Care isn’t something they think about until they need it, or until they’re faced with caring for an ailing parent or loved one. With expenses rising each year for home care, adult day care, assisted living, and nursing home care, taking a “wait-and-see” approach can be costly. It’s better to plan ahead.
Over the years, I’ve dispelled a number of myths about Long Term Care. Here are three more common misunderstandings.
Myth 1: I can pay for Long Term Care myself.
The current average cost of a private nursing home room in the United States is $8,000 a month, according to the Genworth 2017 Cost of Care Survey. That’s up about 30% from when we published the original Myths website page, creating a major drain on your savings (and family legacy) or financial burden to your loved ones, Planning for Long Term Care today can help you minimize that financial risk.
Myth 2: I’m not the right age to consider Long Term Care.
This one goes two ways, as people often assume they’re either too young or too old for Long Term Care planning and insurance. The truth is, Long Term Care needs can come at any age as the result of an accident, a prolonged illness, or a disability. Instead, it’s best to think in terms of:
- Your insurability – health issues may impact options and rates.
- Product availability – younger, healthier people have more options.
- The cost of waiting – premiums tend to go up, but are still a fraction of the actual cost of care.
Myth 3: I won’t need Long Term Care.
Life is filled with uncertainties, and it’s of course possible that you won’t need Long Term Care. But with longer lives and healthcare advances, the number of people requiring Long Term Care is also growing. Long Term Care insurance can give you peace of mind—assurance that you’ll be able to receive the kind of care you or your loved ones want without unnecessary burden to your family or legacy.
If you need help figuring out an approach that works for you and your financial plan, The Long Term Care Planning Group can help. Contact us today at 678.814.5088 or online.
Corey Rieck is the President and Founder of The Long Term Care Planning Group, a firm that specializes in delivering long-term care education and coverage to companies, high net worth individuals, and large organizations. Additionally, he has authored dozens of published industry articles on long term care and has assisted many of the nation’s leading LTC carriers on operational and educational matters.