This video aims to go over the top eight misconceptions about long-term care.
This video is part 4 of a video series created to help individuals obtain a better understanding of Long-Term Care Insurance. More specifically, what Long-Term Care is, who needs Long-Term Care, what the types of Long-Term Care are, what Long-Term Care Insurance covers, Considerations, and whether or not someone can still purchase long-term care insurance.
The entire video series can be found here on our YouTube channel: https://www.youtube.com/watch?v=dAfGKsKQIS4&list=PL8BRKF6RZne9Bi3nhipkU9Iq1YRQ57EJT&index=1
Transcript:
Now let's go over the top eight misconceptions of long-term care. I feel this is very important, especially because, like I was saying earlier, a lot of individuals never use their policies. Oftentimes, that's because, like the analogy says, well, we try to save something for a rainy day, but yet it's already pouring.
Misconception 1: "I am healthy. I won't need long-term care." Well, remember, we went over that very important statistic earlier of 70% of individuals requiring long-term care at some point in their lives.
Misconception 2: "My savings are enough to cover any form of care that I might need." Currently, Americans between the age of 55 and 64 have an estimated $104,000 in their savings account. That being said, care expenses can add up very quickly. They add up very quickly and exhaust those savings.
Misconception 3: "I can postpone planning. I have time, and I'm still young." Well, long-term care is not just a concern for the elderly. Approximately 41% of long-term care recipients are under the age of 65.
Misconception 4: "Medicaid or Medicare will cover my long-term care needs." Well, first, let's talk about Medicare. Medicare does not pay for the largest part of long-term care services, which are the caregiving, custodial, or non-medical type services. Typically, we have found for clients that it is only covering those skilled services, like skilled nursing, physical therapy, occupational therapy, and speech therapy. Medicaid, on the other hand, does pay for custodial services and medical care, but only for people with low income and assets. However, with our experience with Medicaid, oftentimes that care is not enough. Also, in many areas, there are simply not enough Medicaid providers.
Misconception 5: "My health insurance covers long-term care." In general, health insurance is very limited as it relates to specific types of long-term care, even less so than what Medicare covers. In my experience, I have never seen a health insurance plan, and I'm referring to major medical, that covers non-medical caregiving or custodial services.
Misconception 6: "My family will take care of me." By relying on your family for the care that you need, you put them at risk in a number of ways, financially, physically, emotionally, and mentally.
Misconception 7: "Long-term care means going to a nursing home." Well, 43% of individuals actually have long-term care right in the comfort of their own home.
Misconception 8: "It is too late to plan." The average life expectancy of an American is almost 80 years old. So take the opportunity and start planning now for your future care needs and the rising cost, and also avoid becoming a financial burden to your loved ones.
Thank you for watching this video. Make sure you watch the next video as we continue this discussion about long-term care insurance policies.
HOME HELPERS OF BRADENTON
Home Helpers of Bradenton is one of the region's leading home care franchises specializing in comprehensive services for seniors. Home Helpers' sole mission is to make life easier for clients and their families. Based in Bradenton, Florida, the company serves all of Manatee County, including the communities of Anna Maria, Bradenton, Bradenton Beach, Ellenton, Holmes Beach, Lakewood Ranch, Longboat Key, Palmetto, and Parrish. For more information or to request a free in-home care assessment, contact our office at (941) 499-5946 or visit our website atwww.homehelpershomecare.com/bradenton