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Long Term Care Insurance Benefits

Facts \ Myths
Perfectly smart people walk around with the wrong ideas, Bad information, Old news. And opinions represented as facts. It happens all the time.

Here are some common myths about Long Term Care Insurance - and the important facts that you deserve to know.

Myth:
You only need Long Term Care insurance if you are wealthy - with a lot of assets to
protect.
Fact:
Long Term Care insurance is not "only for the rich". The fact is, it's for anyone who wants help keeping their savings safe…or have more control over their Long Term Care.

Myth:
Long Term Care insurance only covers care in a nursing home - nothing else.
Fact:
Different plans cover different types of care. Some only pay for Long Term Care in a nursing home. Others also cover the Long Term Care you will receive in your own home or other settings. And depending on the plan you choose, you will even have benefits for something called "informal care." That's when the people you trust most, friends or family, provide care.
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Myth:
It's silly to buy this when you are young - wait until you're older and might need it.
Fact:
If you buy when you are younger (in your 40s or 50s, for example), it's usually much less expensive. With most plans, the longer you wait to buy, the more it will cost you for the exact same coverage. And you also run the risk that something will change in your health and you may not be able to qualify - at any price.
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Myth:
If you have any health problems when you sign up for insurance, they won't be covered later.
Fact:
That depends on what type of plan you buy. Health problems that you've already experienced are called "pre-existing conditions." Some plans cover care associated with these conditions, and some make you wait for a certain period of time. With most Long Term Care Plans, you answer health questions to see if you qualify for coverage. Then, if you do qualify, you're covered for both "new" conditions and "pre-existing conditions" as soon as soon as you are approved.
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Myth:
It costs more to pay for Long Term Care insurance than it would to pay for care out of your savings.
Fact:
It could cost less! When you do the math, you'll see that long-term care insurance could cost less in the long run than paying those expenses on your own.

The national average cost of care in a nursing home in the U.S. is over $40,000* per year, and growing.

*Kiplinger's Personal Finance Magazine, 5/97
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