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From none other than Department of Health and Human Services
7 Myths ofLong-Term Care
by Department of Health and Human Services Sep 15th 2013 12:00AM
By Ilyce Glink
While the only sure things in life are death and taxes, it's worrying about thequality of life that can really be a buzzkill.
Roughly 70 percent of Americans over 65 will need some form long-term care atsome point in their lives, according to a study by the U.S. Department ofHealth and Human Services.
Once you hit 65, you have a 35 percent chance of entering a nursing home. Theodds that you'll have to stay there for five years? About 20 percent.
With statistics like these, it's no wonder that the idea of purchasinglong-term care insurance keeps popping up. Unfortunately, if you don't purchasecoverage when you're in your 50s, it may be too expensive to buy once you're inyour late 60s or early 70s. And if you suffer from certain illnesses, the truthis that long-term care insurance coverage may not be available to you.
The first hurdle is getting past the hype so that you can evaluate whether youneed coverage -- not everyone does. Here are seven commonly held myths aboutlong-term care.
Myth #1: I don't need it.
The fact is, the vast majority of Americans will need some sort of long-termcare services as they age, particularly help with Activities of Daily Living(ADLs), including getting in and out of bed, walking, bathing, dressing, andeating.
Even if you're healthy, the aging process unfortunately includes a naturaldecline in eyesight, hearing, balance and mobility.
Myth #2: Long-term planning is the same as long-term care insurance.
It's easy to confuse "long-term care planning" with long-term careinsurance, but they're not the same. In fact, making that mistake couldliterally send you into bankruptcy in your senior years.
Long-term care planning means developing a personal strategy and makingdecisions now about how you want a range of things to be handled when you or aloved one needs long-term care services down the line.
Insurance is just one of many options people consider for covering the costs oflong-term care. If you buy an insurance policy but don't plan appropriately,your care could be compromised. If you develop a plan but never buy theappropriate insurance coverage or execute an advanced care directive, livingwill, and powers of attorney for health care and financial matters, you couldwind up leaving all of your care decisions to others without the means to payfor them.
Myth #3: I've missed the planning window, so why bother?
I lost my father when he was just 49 years old. But his mother lived to be 98and was fairly vibrant and lived alone until the last year of her life.
There's no telling when you'll need your fully-realized long-term care plan tokick in, so the sooner you plan the better off you'll be.
If you're over 50, the best time to plan is now. It will make you a moreinformed consumer of long-term care services and will help you stay in controlof tough decisions.
Myth #4: If I can make it to age 65, Medicare, Medicaid or other governmentprograms will pick up the tab.
Nothing could be farther from the truth. Medicare does not cover the custodialservices that help with ADLs. It will cover rehabilitation, home health careand durable medical equipment as long as they're deemed "medicallynecessary."
Medicaid may pay for your long-term care, but you need to meet stricteligibility requirements, which differ by state and often involve extensivedocumentation of assets. And don't think you can simply transfer all of yourfunds to your heirs and then apply. There's a five year "look back"rule that will require you to document where all of your money has gone.
There may be some government help if you're a veteran suffering from aservice-related disability. To check your eligibility, go to VA.gov fordetails.
Myth #5: Why save? No one knows how much long-term care will cost.
Have you priced long-term care costs lately? They're pretty darned expensive,and even with long-term care insurance, you'll be responsible for paying forsome or all of the care you need.
Go to http://longtermcare.gov/costs-how-to-pay/costs-of-care-in-your-state/ to estimate what your costs could be. Then, thinkabout the different ways you'll be able to meet that cost, either through aninsurance policy, annuity, reverse mortgage, savings, pension benefits, socialsecurity benefits, or other personal income.
If there's a shortfall, long-term care insurance benefits could kick in.
Myth #6: My family will take care of me.
Have you tried to be a 24/7 caregiver? It's pretty hard work, even for a devotedfamily member who loves you. No one person can be there for you every hour ofevery day and provide all of the care you'll need.
As part of your long-term care strategy, look into caregiving services in yourarea, including in-home providers, elder daycare centers, elder shuttles, mealson wheels, and other low-cost services offered in your area.
Managing a rotation of 24/7 caregivers is itself nearly a full-time job. You'llwant your unpaid family members to spend their energy helping you manage yourway through your need for assistance rather than resenting your lack ofplanning.
Myth #7: Where I live now is the best place for me to age.
Really? What does your home look like?
Stairs, narrow doors, steps in odd places, low bathtubs, showers withouthandholds are the kinds of architectural obstacles that won't work if you havelimited mobility or failing eyesight. And living alone won't help if you slipand fall and no one checks on you regularly.
At some point in time, living in a community or facility may make sense, and aspart of your long-term plan, you'll want to consider it sooner rather thanlater.
7 Myths ofLong-Term Care
by Department of Health and Human Services Sep 15th 2013 12:00AM
By Ilyce Glink
While the only sure things in life are death and taxes, it's worrying about thequality of life that can really be a buzzkill.
Roughly 70 percent of Americans over 65 will need some form long-term care atsome point in their lives, according to a study by the U.S. Department ofHealth and Human Services.
Once you hit 65, you have a 35 percent chance of entering a nursing home. Theodds that you'll have to stay there for five years? About 20 percent.
With statistics like these, it's no wonder that the idea of purchasinglong-term care insurance keeps popping up. Unfortunately, if you don't purchasecoverage when you're in your 50s, it may be too expensive to buy once you're inyour late 60s or early 70s. And if you suffer from certain illnesses, the truthis that long-term care insurance coverage may not be available to you.
The first hurdle is getting past the hype so that you can evaluate whether youneed coverage -- not everyone does. Here are seven commonly held myths aboutlong-term care.
Myth #1: I don't need it.
The fact is, the vast majority of Americans will need some sort of long-termcare services as they age, particularly help with Activities of Daily Living(ADLs), including getting in and out of bed, walking, bathing, dressing, andeating.
Even if you're healthy, the aging process unfortunately includes a naturaldecline in eyesight, hearing, balance and mobility.
Myth #2: Long-term planning is the same as long-term care insurance.
It's easy to confuse "long-term care planning" with long-term careinsurance, but they're not the same. In fact, making that mistake couldliterally send you into bankruptcy in your senior years.
Long-term care planning means developing a personal strategy and makingdecisions now about how you want a range of things to be handled when you or aloved one needs long-term care services down the line.
Insurance is just one of many options people consider for covering the costs oflong-term care. If you buy an insurance policy but don't plan appropriately,your care could be compromised. If you develop a plan but never buy theappropriate insurance coverage or execute an advanced care directive, livingwill, and powers of attorney for health care and financial matters, you couldwind up leaving all of your care decisions to others without the means to payfor them.
Myth #3: I've missed the planning window, so why bother?
I lost my father when he was just 49 years old. But his mother lived to be 98and was fairly vibrant and lived alone until the last year of her life.
There's no telling when you'll need your fully-realized long-term care plan tokick in, so the sooner you plan the better off you'll be.
If you're over 50, the best time to plan is now. It will make you a moreinformed consumer of long-term care services and will help you stay in controlof tough decisions.
Myth #4: If I can make it to age 65, Medicare, Medicaid or other governmentprograms will pick up the tab.
Nothing could be farther from the truth. Medicare does not cover the custodialservices that help with ADLs. It will cover rehabilitation, home health careand durable medical equipment as long as they're deemed "medicallynecessary."
Medicaid may pay for your long-term care, but you need to meet stricteligibility requirements, which differ by state and often involve extensivedocumentation of assets. And don't think you can simply transfer all of yourfunds to your heirs and then apply. There's a five year "look back"rule that will require you to document where all of your money has gone.
There may be some government help if you're a veteran suffering from aservice-related disability. To check your eligibility, go to VA.gov fordetails.
Myth #5: Why save? No one knows how much long-term care will cost.
Have you priced long-term care costs lately? They're pretty darned expensive,and even with long-term care insurance, you'll be responsible for paying forsome or all of the care you need.
Go to http://longtermcare.gov/costs-how-to-pay/costs-of-care-in-your-state/ to estimate what your costs could be. Then, thinkabout the different ways you'll be able to meet that cost, either through aninsurance policy, annuity, reverse mortgage, savings, pension benefits, socialsecurity benefits, or other personal income.
If there's a shortfall, long-term care insurance benefits could kick in.
Myth #6: My family will take care of me.
Have you tried to be a 24/7 caregiver? It's pretty hard work, even for a devotedfamily member who loves you. No one person can be there for you every hour ofevery day and provide all of the care you'll need.
As part of your long-term care strategy, look into caregiving services in yourarea, including in-home providers, elder daycare centers, elder shuttles, mealson wheels, and other low-cost services offered in your area.
Managing a rotation of 24/7 caregivers is itself nearly a full-time job. You'llwant your unpaid family members to spend their energy helping you manage yourway through your need for assistance rather than resenting your lack ofplanning.
Myth #7: Where I live now is the best place for me to age.
Really? What does your home look like?
Stairs, narrow doors, steps in odd places, low bathtubs, showers withouthandholds are the kinds of architectural obstacles that won't work if you havelimited mobility or failing eyesight. And living alone won't help if you slipand fall and no one checks on you regularly.
At some point in time, living in a community or facility may make sense, and aspart of your long-term plan, you'll want to consider it sooner rather thanlater.
