Common Myths About Long Term Care

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Common Myths About Long-Term Care

Myth: Long-term care is for OLDER people.
Fact: NOT TRUE! Almost half of the people needing long-term care are under the age of 65! Younger people need long-term care because of accidents, strokes, MS and other illnesses.

Myth: I am too healthy to need long-term care!

Fact: Better health means longer life. It is also more likely you will need long-term care because of the frailty that comes with age. If you weren't as healthy, it is more likely you would have a health condition and die earlier without ever needing long-term care.

Myth: Won't my children take care of me?

Fact: While they may be willing, what is the reality of them being able to take care of you? They may be too old to do the job, or need long-term care themselves! They may be younger and unable to quit a job to take care of you. They may have a family. Relying on your children to take care of you puts a huge burden on them. The number one reason people purchase long-term care insurance is to prevent being a burden to their children.

Myth: Won't VA benefits pay for long-term care?

Fact: The VA is not mandated to provide nursing home coverage. It rations limited nursing home resources according to priorities, with veterans who have service-connected disabilities rated highest. VA nursing home facilities have an occupancy rate of more than 90%, so getting in can be difficult. VA home care is hospital-based and won't provide aides for home health or personal care. There may be only one or two VA nursing homes in a state, and not every state has a State Home.

Myth: Disability insurance will cover the cost.
Fact: Disability insurance only replaces a portion of your INCOME. It doesn't pay the extra cost of a nursing home!

Myth: What about placing assets in a living trust so the Medicaid program will pay for long-term care?

Fact: Assets held in a living trust are counted as assets in determining Medicaid eligibility. Irrevocable trusts will remove assets, but they must be transferred five years prior to applying for coverage.

Myth: The 100 day elimination period is best because Medicare benefits will pay for the first 100 days of care.

Fact: Be careful. Medicare uses strict criteria for these expenses and pays UP TO 100 days of care, per benefit period. You must
• have a 3 day hospital stay and
• need skilled care on a daily basis.
Long-term care illnesses may not require three day hospital stays and most conditions do not qualify for the full 100 days of Medicare benefits. Choose an elimination period based on what you can pay. Do NOT assume Medicare will pay any of the deductible.

Myth: What about giving my money away and qualifying for Medicaid. After all, I've paid taxes!

Fact: Medicaid has a 36 month look back period when applying (see the Medicaid section for details). Giving it away sooner affects eligibility.

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