Three Myths About Long Term Care Insurance
Long Term Care
Don’t let these myths stop you from getting started.
There are plenty of misconceptions about Long Term Care (LTC) insurance that keep people from even considering it. While the options for receiving and funding LTC have expanded significantly in recent years, some age-old myths still persist. Here are three that prevent people from planning ahead.
Long Term Care Insurance Provides Options
There are many ways to pay for care when you need it and where you’d like to receive it.
- I won’t need long term care. Many of us are in denial about the likelihood of needing LTC, especially those of us in exceptionally good health. We assume that because we’re healthy, we will stay healthy. But health doesn’t last forever.
In all likelihood, the healthiest among us will live the longest, and will eventually need LTC—just at an older age. If you live to 90 or 95, odds are that you’ll need care at some point. LTC insurance can help you pay for it.
- LTC insurance won’t help me “age in place.” Many people equate LTC with nursing homes and other care facilities, but today, you can receive a variety of services in the comfort of your own home. LTC insurance can help cover many of these costs. For example, LTC benefits can be used for:
- Caregivers – both informal (by a family member or friend) and formal (from a skilled professional)
- Training for informal caregivers
- Renovations like ramps and rails to keep your home accessible
- Medical equipment like adjustable beds and mobility scooters that enable you to move about more easily.
Some LTC policies even provide funds for cutting-edge future care – like robotic artificial intelligence—which could eventually play a critical role in managing LTC.
- I don’t need LTC insurance because my family will care for me. Unpaid family members provide nearly two-thirds of all LTC received at home.2 When someone is uncompensated for their role as a primary caregiver, it takes a financial, physical, and emotional toll.
Even if your family plans to care for you today, they may not be able to when the time comes due to:
- lack of medical training if you develop a condition that requires skilled nursing assistance;
- time and money since LTC can be a full-time job—those who had intended to care for you may find that they can’t manage it when the time comes;
- geographical limitations if your loved ones are no longer in close proximity by the time you need care. Career moves and life changes can upend the best laid plans.
Everyone should have a plan for LTC, even if the plan is to age at home with a loved one caring for you. Some policies will compensate your family members for providing you with the care you need — relieving the financial strain that can come with doing so. LTC insurance can help solidify your plan.
1 How Much Care Will You Need?” LongTermCare.gov, accessed April 10, 2023
2 The Associated Press-NORC Center for Public Affairs Research survey, www.longtermcarepoll.org, accessed December 2023.
