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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!
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