November is Long Term Care Awareness Month, an annual campaign designed to educate Americans about long term care and its long term emotional, physical and financial impact.
Long term care is often overlooked when planning for retirement, a clear indication that Americans don’t have the sense of urgency when preparing for their future long term care needs.
In line with this month-long campaign, Association for Long Term Care Planning (ALTCP) created a short quiz to help raise awareness on long term care, promote self-education on the importance of planning for long term care and significance of having long term care insurance.
As one of the key players in the industry, we will instill the importance of long term care planning among every American, creating a generation that is receptive to change and more responsible for their future care needs.
Long Term Care Quiz
1. I won't need long term care because I am healthy.
70% of people age 65 and older will need some form of long term care in the next few years. There is a high risk that you will require long term care in the future.
2. I can postpone long term care planning because I'm still young.
Your risk of needing long term care increases as you get older, but it's still possible to need it if you become sick or meet an accident. According to statistics, around 41% of long term care recipients are younger than 65 years old. These people require assistance due to injuries, accidents, disabling conditions and accidents.
3. Medicaid/Medicare is enough to cover my long term care needs.
Medicare does not cover custodial care. On the other hand, Medicaid pays for custodial care and medical care, but only for people who are eligible, people with low income. If you have assets, you need to spend down first in order to become eligible.
4. Health insurance covers long term care.
Health insurance may cover some skilled medical services but only for a limited time. However, it does not pay for an extended stay in a nursing home or assisted living facility and home health aide.
5. Long term care insurance covers the cost of home care, nursing home and assisted living facility.
Long term care insurance is designed to pay for home care, nursing home, assisted living facility, CCRC and other long term care facilities. This tailored policy protects the policyholder's assets and their loved ones from the financial woes and caregiver duties brought by long term care.
6. Long term care means going to a nursing home.
Long term care does not necessarily mean moving to a nursing home. There are other long term options available like home care, nursing home, assisted living facility, adult day care and CCRC. You can choose from any of these options depending on the level of care you need.
7. Women needs long term care more often than men.
Women outlive men for about 5 years, which makes them more likely to require long term care. On average, women need long term care for 3.7 years while men need long term care for 2.2 years. Also, because they are also more likely to age alone.
8. You should buy long term care insurance in your mid-50s.
Purchasing long term care insurance while you're young and healthy means lower premiums. People who purchase long term care insurance policy in their 50s will pay lower premiums than those who will purchase in their late 60s.
9. Long term care insurance premiums are primarily based on age, income and family history.
Long term care insurance costs vary greatly based on factors such as your age at the time of purchase, the policy, and the coverage you select.
10. Long term are insurance riders like inflation protection and spouse shared care help maximize the benefits you receive when you need care.
Getting long term care insurance policy riders allow individuals customize their policies to fit their needs and budget. These features go on top of your policy so choose only the ones that you will most likely need and will put you to such an advantage in the future.
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