A Long Term Care Insurance commission is being formed after the abject failure of the so-called CLASS Act left many wondering if the government should get involved at all in helping Americans plan for the need for Long Term Care Insurance, industry experts are now optimistic about the next four years with Obama in the White House.  Overall, the heightened awareness of the need to plan for your future long-term care needs is something that many see as a positive development.  This fact, coupled with the recent “Fiscal Cliff” deal and its creation of a Long Term Care Insurance commission to look into what went wrong with CLASS and to scope out recommendations on tackling this critical issue, will likely mean even more well-deserved attention will be given to this problem, though it’s doubtful the Federal government will come up with any silver bullets.

Long Term Care Insurance commission and long-term care

Perhaps you’re reading this and have never heard of Long Term Care Insurance and what it covers and why it’s important.  Here are 5 quick facts to get you started:

1. Long-term care refers to care that assists you when you are unable to care for yourself with the basics of daily living like eating, bathing and getting around.
2. Regular health insurance and Medicare (except in very rare circumstances) do NOT cover this type of care and Medicaid only if you qualify, which many Americans are too well-off to do.
3. Long-term care services are expensive and are often difficult or impossible to pay for out-of-pocket.
4. Good news: most States now offer incentives and tax breaks when purchasing a Long Term Care Insurance policy.
5. The best time to buy a policy is when you are in your 50s.

These facts and a host of others can be explored right here on ltctree.com, where you can find all the information you need to make smart, retirement planning choices.  Let’s now examine a few of the common myths about Long Term Care Insurance.

Myth: The Long Term Care Insurance commission and the government will take care of me

This is probably the most dangerous myth surrounding long-term care.  It’s true, if you are very poor, Medicaid has you covered.  But, most Americans are in the middle and are neither

rich enough to pay for their own care out-of-pocket nor poor enough to qualify for Medicaid and thus will feel the squeeze when they have to pay from their retirement savings and nest egg for long-term services.  This can often end in financial ruin and losing all you’ve worked your entire life to accumulate.

Myth: Long Term Care insurance is very expensive

This is probably the most common myth out there and it’s not clear if the Long Term Care Insurance commission will fix this.  The reality is that Long Term Care Insurance is one of the This is probably the most common myth out there when it comes to Long Term Care Insurance.  The reality is that Long Term Care Insurance is one of the more affordable forms of insurance if purchased early.  The U.S. Department of Health and Human Services places the risk of needed long-term care at roughly 2 out of 3 Americans.  So, considering the high likelihood that you’ll end up needing this insurance, and the high cost of care, with nursing homes coming it more than $80,000 per year on average, it very well might be one of the least expensive forms of insurance.  In other words, many people own home, fire, boat, flood and other types of insurance policies and never need them but pay on them for decades.

At LTC Tree, we debunk the myths and help you get the facts you need to make smart, informed decisions about your future long-term care needs.  Here’s how we do it: we work with the top, blue chip carriers to obtain quotes based specifically on you and your family’s situation and needs.  Then, we give you time to evaluate these offers and remain ready to answer questions you may have.more affordable forms of insurance if purchased early.  The U.S. Department of Health and Human Services places the risk of needed long-term care at roughly 2 out of 3 Americans.  So, considering the high likelihood that you’ll end up needing this insurance, and the high cost of care, with nursing homes coming it more than $80,000 per year on average, it very well might be one of the least expensive forms of insurance.  In other words, many people own home, fire, boat, flood and other types of insurance policies and never need them but pay on them for decades.

You can fill out our form to get started today.  Then, we’ll assist you in navigating the options and help you choose a plan that is right for you and your family.  Thanks for reading today’s blog and be sure to check back on ltctree.com for the best in Long Term Care Insurance policy advice, rates, quotes and comparisons.