Click below to learn the facts behind the myth.

• Myth 1: I’m Too Young to Need Long Term Care
• Myth 2: My Family Will Take Care of Me
• Myth 3: Medicare or Medicaid Will Cover My Bills
• Myth 4: Health Insurance Will Cover My Bills
• Myth 5: I Can Save Enough on My Own

Myth 1: I’m Too Young to Need Long Term Care

Long-term care is most often associated with issues related to aging. However, anyone can need long-term care at any time. We all are susceptible to accidents, chronic illnesses, and disabilities where we will need help with routine daily activities for an extended period of time. In fact, 40% of people receiving long-term care services are working age adults, between the ages of 18 and 64.¹

Myth 2: My Family Will Take Care of Me

In today’s society, children are more apt to live further away from their parents. In addition, many adult children take less vacation time and work longer hours. Taking care of a family member is a time-consuming commitment that often demands a significant number of hours from multiple family members.

Even if family members can find the time to provide care giving, it often comes at a tremendous financial cost. The average caregiver will lose wages, pension benefits, and Social Security.

Myth 3: Medicare or Medicaid Will Cover My Bills

Medicare is generally available for people age 65 or older and the disabled. It only pays limited amounts for skilled care following a hospital stay and it is not intended to cover care that assists people with activities of daily living for long periods of time. Specifically, Medicare covers the first 100 days of skilled care in a nursing home after a hospital stay of at least 3 days and as long as you enter a nursing home within 30 days of leaving the hospital. Medicare covers some home health care for the treatment of an illness or injury.

Read more about Medicare at visit http://www.medicare.gov/.

Medicaid (Medi-Cal in California) is a state-based program supplemented by Federal funds that provides health services to the poor and impoverished. Medicaid might cover you if you meet your state’s poverty criteria and receive care that meets your state’s guidelines.

Many people attempt to “spend down” their assets to state required levels or try to transfer their assets to family members to become eligible for Medicaid. States now have the authority to examine a Medicaid applicant’s past 5 years of finances and impose penalties. (State requirements do vary, contact your state Medicaid office for details.)

Read more about Medicaid at http://www.cms.gov/medicaid/ .

Myth 4: Health Insurance Will Cover My Bills

Health insurance rarely covers ongoing chronic care needs. Most health plans, including FEHB, TRICARE, and TRICARE for Life, are intended to cover skilled, short-term medical care as you recover from an illness or injury.

Myth 5: I Can Save Enough on My Own

Paying from personal savings is one way to cover long-term care expenses. However, you should consider the cost of long-term care services before relying on this method.

In 2008, the national average cost of a semi-private room in a nursing home was $69,715 annually. With an average stay of 2.4 years, ² that’s more than $167,000 per average stay. Paying for long-term care out-of-pocket may be an option for you if you can afford these expenses.

Of course, the figures above are national averages and long-term care services may be less expensive or more expensive in your region. Also, each person’s situation is unique and you may save more or less than others. To help provide you with a more complete picture, we’ve developed tools to help you determine how much you would need to save and to find the average cost of care in your region.

http://www.ltcfeds.com/start/aboutltc_myths.html

^1. U.S. Department of Health and Human Services, National Clearinghouse for Long-Term Care Information. 2009

^2. http://www.cdc.gov/nchs/fastats/nursingh.htm