Dispel the myths about long term care
There are many misconceptions about long term care. It is a topic on many peoples' mind and yet perceptions may not be accurate.
“I already have health insurance. I’m covered.”
There are other non-medical needs associated with aging that health insurance won’t cover, like help getting dressed, bathing and eating — even getting in and out of bed. Nor will health insurance cover home modifications.
“My family will take care of me.”
About 34.2 million Americans have provided unpaid care to an adult age 50 or older in the last 12 months 1 and on average, caregivers spend 24.4 hours a week providing care to their loved one. Nearly one-quarter provide 41 or more hours of care a week.2 Be sure to have a realistic conversation about the impact of providing care.
“If I need special care, I’ll pay for it from my retirement and my savings.”
The median annual cost of home health care exceeds $49,192.3 In two or three years, that could have a significant impact on your savings.
“I probably won’t need long term care.”
You or someone close to you probably will. At least 70% of people over 65 will need long term care services and support at some point.4
“I’ll never end up in a nursing home.”
Possibly not, but you still need to plan for other possible eventualities. Even home care is costly, and aging in the home could require expensive modifications like downstairs bed and bath additions, outside ramps, and so on.
1National Alliance for Caregiving and AARP, 2015
2Caregiving in the US Report, caregiving.org, 2015
3Genworth 2017 Cost of Care Survey, conducted by CareScout®, June 2017
4Who Needs Care?, longtermcare.gov, 2016