It’s easy to misunderstand something, especially if you have no prior experience with it. For most people, they have no idea that long-term care insurance is even a thing that exists. They may have some understanding about long-term care, but not the insurance that can help protect them and their dependents in the future. You could get more clarification from contacting long-term care insurance companies and asking your questions.
Long-term care insurance may be something you don’t think about in your 20’s or 30’s, but as you move through your 40’s, into your 50’s, and fast approach 60, it is most certainly something you will want to consider and (hopefully) begin before it’s too late.
Below are three common misunderstandings people have about long-term care insurance and getting clarity from long-term care insurance companies.
Common Misunderstanding #1: They have plenty of time to start a policy.
Even people in their mid 60s sometimes have this mentality that they can continue to wait, especially when it comes to long-term care insurance. After all, their doctor has given them a clean bill of health, they exercise regularly, eat well, and focus on the right things for their physical well-being.
In reality, if there is a family history of health issues, like heart disease, cancer, Alzheimer’s, or something else, you don’t want to wait.
The reality is this: when it comes to long-term care insurance, there could come a time when the insurance company determines you are no longer eligible or able to purchase a policy. That means if you or your dependent (most of the time this is your spouse) requires long-term care in the future, you will have to pay for that yourself, out of pocket.
Then, people assume Medicaid is going to cover that when they reach retirement age, but Medicaid is only going to cover nursing home care after an individual has used up all of their available savings and assets, which often include the equity in their primary home.
Common Misunderstanding #2: They won’t ever need it.
You can assume you won’t ever require long-term care. That’s fine. Maybe nobody in your family has ever been in a nursing home, assisted living facility, or needed senior care at home.
That doesn’t mean you or your spouse won’t require it at some point in the future. If you assume you are never going to need long-term care, you are setting yourself up for an uncomfortable and potentially devastating reality.
More and more people today are requiring long-term care. That’s because seniors today are living longer than ever and with advanced medical technology, it is making that even more feasible. Yet, at some point in time you might very well need long-term care for several months or even years.
Common Misunderstanding #3: It’s just for ‘old’ people.
You might be in your mid 60s and don’t consider yourself old yet. That’s fine. They say that 60 is the new 50 or even 40 these days. That means 70 might be the new 50.
In truth, the average life expectancy for a person in our modern day, with all of the advancements in medical technology, surgeries, and medicine is still about the same: 77 or 76, depending on if you’re a man or woman and where you live.
So, if you are in your mid 60’s, you’re fast approaching that ‘old’ age. If you are in your mid 50’s, you might blink a few times and be there. Don’t assume it’s just for old people because the sooner you begin a policy, the more affordable it becomes.