Exposing Long Term Care Myths

Myth--Long-term care is for older people—I’ll never need it.
Fact-- Even with modern medical miracles, today’s baby boomers are facing an almost 1 in 2 chance of needing long term care or assistance with daily activities at some point in their lives.

Myth--Long-term care means going to a nursing home.
Fact-- 50% of all Americans over the age of 65 will enter a nursing home sometime during their lifetime. However, health care institutions provide only 22% of long-term care. Almost 78% of that care is provided at home or in a community program.

Myth--Medicare or Medicaid will pay my long-term care expenses.
Fact-- Medicare covers only 100 days of skilled care following a hospital stay. Medicaid will cover long-term care only for those with no money. In addition, new regulations limit transferring assets to family members before applying for Medicaid coverage.

Myth--I’ll use my savings to pay for long-term care expenses.
Fact-- Current annual costs of long-term care average more than $60,000. Projected costs will triple in 30 years