- “Medicare will cover my nursing home costs” – In reality, as of 1993 Medicare only pays for a little over 9% of all nursing home costs, and only the costs that are of the highest level of care provided. Most people in nursing homes are at the custodial or intermediate care levels.
- “I will have to be in a nursing home to collect my benefits.” – Actually, there are many options by various companies some of which include: community adult day care program, in-home health care, hospice care, and full nursing home care.
- “I’ll be paying premiums on something I’ll never use.” – It’s unfortunate that we have “that attitude” about long term care insurance when we don’t have it regarding our home owners insurance. We’re just glad it’s there when we need it and happy we didn’t have to use it when we don’t. More than ½ of all older Americans eventually will need some form of long term care. Some companies even refund as much as 80% of premiums if the policy is not used.
* Could Long Term Care Insurance be right for you? We believe it is certainly good to consider as a strong financial defense for those clients who have significant assets. Although we do not sell insurance, we can talk with you about it as an independent third party. Sometimes just understanding the related vocabulary helps you to become an educated consumer. That’s what we want you to be and know that you have made the right decision.