When James’s mother, Dorothy, had a fall and needed skilled nursing care, the family quickly realized they had a problem: no long-term care plan was in place. James panicked, wondering how they would afford $10,000 a month for care. “We always thought Medicare would cover it,” he told me. “And Mom was convinced long-term care insurance was a scam.”

 

Dorothy’s assumption is one I hear all the time, but the reality is very different. Let’s debunk some of the biggest myths surrounding long-term care insurance.

 

Myth #1: Medicare Covers Long-Term Care

Medicare only covers short-term stays in a nursing facility—up to 100 days, and only under specific conditions. After that, you’re on your own unless you qualify for Medicaid.

 

Myth #2: Long-Term Care Insurance is Too Expensive

The cost of a policy depends on factors like your age, health, and the level of coverage. However, what’s even more expensive? Paying out of pocket for years of care. The right policy can save you hundreds of thousands in the long run.

 

Myth #3: I’ll Never Need It

Statistically, 70% of Americans over 65 will need long-term care. It’s not a matter of if—it’s when.

 

Myth #4: If I Have a Lot of Assets, I Don’t Need Insurance

Even wealthy families use long-term care insurance as part of their estate planning. Why? Because without it, the cost of care can quickly erode an inheritance.

 

The Right Strategy for Your Family

Long-term care insurance isn’t for everyone, but it can be a game-changer for those who qualify. The key is understanding how it fits into your overall estate plan.

 

Want to explore your options? Register for a workshop to get the facts before it’s too late.