Exposing Long Term Care Myths
Myth--Long-term care is for
older peopleóIíll never need it.
Fact-- Even with modern medical miracles, todayís
baby boomers are facing an almost 1 in 2 chance of needing long
term care or assistance with daily activities at some point
in their lives.
Myth--Long-term care means
going to a nursing home.
Fact-- 50% of all Americans over the age of
65 will enter a nursing home sometime during their lifetime.
However, health care institutions provide only 22% of long-term
care. Almost 78% of that care is provided at home or in a community
Myth--Medicare or Medicaid
will pay my long-term care expenses.
Fact-- Medicare covers only 100 days of skilled
care following a hospital stay. Medicaid will cover long-term
care only for those with no money. In addition, new regulations
limit transferring assets to family members before applying
for Medicaid coverage.
Myth--Iíll use my savings
to pay for long-term care expenses.
Fact-- Current annual costs of long-term care
average more than $80,000. Projected costs will triple in 30