The Truth and the Myths of Long-Term Care Insurance

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The Truth and the Myths of Long-Term Care Insurance

You must have heard different views on the subject. Simply put, long-term care insurance helps you meet the costs of a nursing home or other healthcare needs as you get older. But do you need it? It’s time to separate long-term care insurance facts from the myths.

Myth: “I’ll Have Enough Retirement Income to Cover Healthcare Costs.”

You may have planned your investments carefully for a long and happy retired life. However, life can catch you off guard.

In the case of a medical emergency, healthcare costs can become a burden. One study shows that in 2018, an average person spent $4,968 on healthcare. Also, out-of-pocket spend on insurance regularly increased over the years.

For quality treatment and care, costs can rise significantly. Health check-ups, doctors’ visits, nursing home fees, and more – all can quickly add up. You don’t want to be in a position to liquidate assets to stay well.

Myth: “I Lead a Healthy Lifestyle, so I’m Going to Be OK.”

Exercising and maintaining a healthy diet will certainly help you lead a healthy lifestyle for years to come.

However, some things are not always in your control. With time, the body begins to wear out. There are also unanticipated risks of disease and accidents.

Should something like that happen, long-term care insurance will prove to be a blessing in disguise. You won’t have to worry about funds, and you’ll get the care and facilities that you need.

Myth: “I Already Have Health Insurance, so I Don’t Need Long-Term Care Insurance.”

Health insurance is a valuable safety net to safeguard you from the ups and downs of life. But long-term care insurance covers a range of services that regular health insurance doesn’t.

For chronic conditions, disabilities, or disorders, this insurance will be invaluable. According to the U.S. Department of Health & Human Services, close to half of the 65-year-olds today will eventually develop a disability and require some long-term care services.

Now that you know the truth behind long-term care insurance myths, you can make an informed decision. Do you have any questions about long-term care insurance? If so, then contact the experts at Club Agency Insurance Brokerage in Garden City, New York. We are ready to assist you with all your coverage needs today.

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