There are still people who are having a hard time understanding long term care. Some people are not even familiar with the different long term care services and settings and how they work. Here are some of the misconceptions that people may have about long term care.
Understanding Long Term Care by Debunking Myths
People do not necessarily need long term care. It is for people with illnesses only.
Long term care will be needed by 70% of people who are at the age of 65 and above. Long term care would also needed by people with ages lower than 65 if they happen to have serious illness or injury. Long term care is a service that caters to the custodial needs of people who cannot perform the basics of activities of daily living.
Long term care is not just for people who get sick and would need assistance in recovery. It is also needed by people who are older because their bodies start to get weaker and they need assistance in everyday living and in performing even the most basic tasks such as walking or moving, using the toilet, dressing, eating, or taking a bath.
Long term care means staying in a nursing home.
Long term care does not necessarily mean that you will automatically be sent to a nursing home. Long term care means you will be receiving assistance in basic daily life activities. It also means that you will be supported to still function properly despite conditions that you may have such as sever sickness, injury or old age. These conditions hinder you to do the basic things that you used to do, so there is the long term care to help you live a normal and comfortable life like before.
Long term care costs could be paid easily paid from out of pocket money.
Long term care rates have been continually rising for the past few years. Because of that, people are having troubles on how they could pay for these high rates when they need long term care already. If you have about millions from your pocket money, then you will be able to easily pay for long term care services whenever you want it. Otherwise, it would be quite impossible or would be a struggle for you to pay for all your long term care expenses using out of pocket money.
Download our free e-book Long Term Care Insurance and Retirement: 8 Essential Questions to learn more about how the policy works.
Medicare and Medicaid would provide payment for long term care.
Medicare only pays for people who need medically necessary care, hence, not the long term care. Medicare is much more concerned on the medical needs of a person and health stability instead of the custodial care itself.
Medicaid, however, pays for the needs of people older than 65 and even younger people who have specific diseases and disabilities, given that they are below the poverty line and could not afford to pay for it. Also, there are some qualifications and standard are set for people whose long term care needs Medicaid would pay for.
Long term care would be covered by health insurance.
Health insurance helps pay for medical expenses, check-ups, doctor visits, and hospital stays. Health insurance is more focused on the health-related aspects and costs. Long term care would be covered by only the long term care insurance and by Medicaid for some cases.
You would only need long term care when you get sick or old, therefore, that is the time when you should buy and pay for it.
Long term care should be prepared for even when you are younger and still doing well. Moreover, long term care insurance should be purchased earlier so you wouldn’t have to cram all the requirements needed and even the payment. If you purchase long term care insurance earlier, you would be able to pay lower premiums and be able to maximize the use of inflation protection.
To understand more about long term care, read up and research about them before you decide on the long term care insurance you are going to purchase. You could also ask your financial adviser or broker regarding this.