Common long-term care misconceptions.
It’s common for a long-term care insurance policy to be overlooked by most families and individuals. After all, there are many myths surrounding the policy, and many are under misconceptions about coverage and the help they may or may not receive in the future. Take a look at the common misconceptions about long-term care insurance and the truth behind them.
My health or disability insurance will cover my long-term care.
It’s common for people to believe that their “other health insurance” will pay for their long-term care. The reality is that long-term care is not covered by other kinds of insurance, including your HMO, health, or long-term disability insurance. Only long-term care insurance you typically purchase on your own covers day-to-day personal care assistance.
Medicare or Medicaid will cover my long-term care.
Most people incorrectly think Medicare will pay for long-term, care services. Medicare, generally, does not cover long-term care. It pays for skilled care in a nursing home but only up to 100 days. It will only pay for care at home under very limited circumstances, which many people do not meet.
Long-term care is only for the elderly.
The need for long-term care can arise at any time in a person’s life. While the majority of people who require long-term care are generally elderly, younger people can require it at any time due to severe unexpected illnesses, diseases, accidents, or injuries.