Home > Articles > Debunking Fallacies About LTC Insurance

Debunking Fallacies About LTC Insurance

I guess everyone of us wants to have the best things in life. However, attaining them is not always a piece of cake. Aging is a reality of life and we will all grow old to the point that we can no longer perform even the most basic of tasks.

Having said that, we all need to be prepared for the worst. While nobody can predict the future, it’s a good decision to come up with long term care plans.

Long term care costs can be very expensive.  Without the approriate insurance, a person can eventually deplete his or her assets. According to many experts, people from the babyboomer generation should get long term care insurance as early as possible when they’re still healthy and the premiums are still much lower. By doing so, you’ll be able to enjoy maximum flexibility in your policy.

If you are among those who are hesitant to get LTCi, think again. Don’t believe everything you read online or in the newspapers about the cons of long term care insurance. Weigh your options and know exactly what coverage of long term care is most appropriate for you.

Many have many misconceptions that this type of insurance, saying that is just a waste of money. Some believe that if the person doesn’t use it, he or she will just waste their money on the premiums. Don’t believe this fallacy.

Others also think that Medicaids enough for them to address long term care expenditures. This is another fallacy. Although Medicaid pays for nursing home expenses, it only pays for half of the entire costs in the USA. Aside from that, you can only be qualified for Medicaid if you exhaust most of your financial assets.

So if you want to secure your financial future and protect your savings, then purchase long term care insurance.

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