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Myth: Only OLDER people need long-term care.
Fact: This is not true. In fact, a little less than half of the people that need long-term care are under the age of
65! Younger people can need long-term care due to car accidents, strokes, MS and a variety of other illnesses that can affect younger people.
Myth: I am so healthy that I won't need long-term care!
Fact: The healthier you are, the longer you will live. The longer you live, the more likely that you will
need long-term care due to old age or frailty. If you didn't take such good care of yourself, you would be more likely to have a health condition that could cause an early death
without ever needing long-term care. So if you are healthy you should really consider long-term care insurance.
Myth: My children will take care of me if I need long-term care.
Fact: Our children are probably very willing to take care of us. Could you imagine your children
saying, "Mom, I won't take care of you?" Of course not, What is the reality of them being able to take care of you? If you are 70 years old now and your daughter is 50,
that means when you are 90 years old she will be 70 years old! Can you imagine a 70 year old trying to lift a 90 year old? Or, worse yet, what if she needs long-term care before you
do?
If you needed long-term care when your daughter is younger, is she able to quit her job to take care of you? What about her family? When you rely on your children to take care
of you, you are putting a huge burden on them. The number one reason why people purchase long-term care insurance is to prevent being a burden on their children.
Myth: My VA benefits will pay for long-term care.
Fact: The VA statute allows but does not mandate that the VA provide nursing home coverage. The VA rations the
limited nursing home resources according to a list of priorities, which is headed by veterans with service-connected disabilities. The occupancy rate for VA nursing home facilities
is more than 90%, so access can be difficult. The only VA home care benefits are a hospital-based home care program that does not provide home health or personal care aides. Many states
have only one or two VA nursing homes and not every state has a State Home.
Myth: I have disability insurance so I don't need long-term care insurance.
Fact: Disability insurance replaces a portion of your INCOME if you become
disabled. It doesn't also provide another $3,000 to $4,000 to pay for your long-term care. You need both types of insurance.
Myth: I have my assets protected in a living trust so I can just have the Medicaid program pay for my long-term care.
Fact: A living trust is designed to avoid the
lengthy probate period. Assets held in a living trust are counted as assets in determining Medicaid eligibility. The only type of trust that will protect your assets from the cost of
long-term care is an irrevocable trust. If assets have been transferred into an irrevocable trust within 60 months prior to applying for Medicaid it causes a period of
ineligibility.
Myth: I am choosing a 100 day elimination period because my Medicare benefits will pay for the first 100 days of my care.
Fact: Medicare only pays UP TO 100 days of
care, per benefit period, if you meet strict criteria. You must have a 3 day hospital stay and you must need skilled care on a daily basis. Not all long-term care illnesses need a
three day hospital stay and most people never receive their entire 100 days of Medicare benefits. Therefore, you should choose your elimination period based on how much you can afford to
pay and NOT assume that Medicare will pay any of the deductible.
Myth: If I need long-term care I will just give my money away and qualify for Medicaid. After all, I have paid taxes my whole life!
Fact: There is already a huge
strain on our Medicaid budget. There is a 36 month look back period when you apply for Medicaid. If you have given money away in the past 36 months you will become ineligible for
Medicaid for a period of time equal to the amount of money you gave away.
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