The 4 Myths of Long Term Care
Myth 1: "I'll have money put aside."
The average cost of a nursing home stay is $56,000 a year.* In some parts of the country, that cost can more than double. In-home care might be more appealing to you, but it's still quite costly. And relying on family members to provide care can have consequences of its own, including potential lost wages and the emotional stress on both those providing care and those receiving it.
Myth 2: "I'll get Medicaid to pay for long term care."
Medicaid, much like welfare, typically requires you to have very limited assets in order to qualify. That means you could be required to spend down the very assets you are trying to protect before Medicaid benefits begin. In addition, once Medicaid starts paying the bills, many of the decisions about your care are taken out of your hands. And, in almost all cases, Medicaid services are received in a nursing home, which may not be the most desirable option for you.
Myth 3: "Medicare pays for long term care."
This is probably one of the most common misconceptions about long term care. The truth is, neither Medicare nor private health care insurance covers most long term care expenses. Most people receiving long term care need custodial help, things like bathing, dressing and eating which Medicare and health insurance do not cover.
Myth 4: "It won't happen to me, and besides I'm too young."
A long term illness or accidental injury could intrude upon anyone's life at anytime.
There are many misconceptions about long term care. Separating the myths from the facts is an important first step in determining your long term care insurance needs.
Find out how the AICPA-endorsed Long Term Care Plan can help protect you and your family from bearing the emotional and financial burden of long term care needs and expenses.
* AARP, Beyond 50, May 2000, p. 3.
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