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3 long-term care misconceptions that can cause problems

On Behalf of | Dec 13, 2018 | Long Term Care and Nursing Home Planning | 0 comments

Long-term care needs are something many people are likely to have at some point in their life. According to some estimates, around 68 percent of individuals age 65 and up will need such care within their lifetime.

People can take measures to prepare for the possibility of needing long-term care and set up plans aimed at ensuring the costs of such care don’t endanger their overall goals. However, not everyone takes advantage of these options. Among the things that can lead to people putting off such planning are misconceptions about long-term care. We’ll go over three such misconceptions today.

Misconception #1: Long-term care isnt likely to be needed

One thing that could lead to people ignoring long-term care planning is them not thinking they’ll need such care. In a survey of retirees, only a quarter of the respondents indicated they felt they were likely to need such care.

However, as the estimates we mentioned above point to, long-term care is something that is in many people’s future. It can be important for people to remember that, even if they have been able to avoid major health problems in the past, there is always the possibility of problems that could trigger long-term care needs coming up in the future.

Misconception #2: Long-term care wont likely cost much

Some might think that they don’t need to do long-term care planning because they assume that, if they do end up needing such care, it won’t put that big of dent in their finances. However, the costs of such care can get quite high. It is very important to not underestimate these expenses.

Misconception #3: Medicare will cover long-term care costs

Another thing that could push people into thinking they don’t need to concern themselves with long-term care planning is them assuming that Medicare will help take care of such expenses. In the above-mentioned survey of retirees, 61 percent said that they believed Medicare would help cover most of the expenses if long-term care needs did arise. However, while this assumption may be common, it is not correct. Medicare generally does not cover long-term care.

Avoiding misconceptions about long-term care can be important in steering clear of major long-term care planning mistakes. The key to avoiding misconceptions is being well-informed. Experienced attorneys can help individuals get the correct information needed to make well-thought-out decisions regarding long-term care planning.