The importance of providing for long-term care – a service that most seniors will need during their retirement – is becoming increasingly apparent to customers.
However, many still operate under misconceptions about this form of insurance.
First off, Medicare will not foot the full bill for long-term care, whether it takes place at home or in a professional facility. This is perhaps misconception number-one and it needs to be urgently addressed when dealing with clients. Medicare does provide some relief: up to 12% of LT care costs, limited to 100 days. This is obviously not enough and deeper planning is needed.
In olden days, long-term care was understood by society as a family duty. Some people today still expect children, siblings or other relations to care for them in old age, should the need arise. A dispassionate review of circumstances is needed: can your family afford the expense? Do they have pressing problems that would prevent them from looking after you? Are they dependable enough to take on the burden? These are difficult matters to face, which makes them all the more essential to consider.
A lot of people fear nursing homes. What many don’t realize is that long-term care insurance can cover the cost of treatment at home. Assisted living, hospices and adult day care, along with other options, are also available. It’s up to the policy holder to choose, so there’s no need to fear being roped into a distasteful form of care.
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Younger clients often don’t want to face the issue yet – they have better ideas about where to spend their money. In fact, starting a long-term care policy when you’re young can work out cheaper and even prevent the possibility of being denied coverage later on, when health issues surface.
For more information, please read:
Don’t Fall for These 10 Long Term Care Insurance Myths | FedSmith