Long-term care is one of the most misunderstood areas of financial planning—and one of the most important. Without a strategy, the rising costs of nursing homes or in-home care can quickly drain your savings and shift the burden to your family.

Here are 9 common myths—and the facts that could protect your future:

✅ Myth 1: “That won’t happen to me.”

Fact: Nearly half of adults over age 65 will need some form of long-term care.

📌 Source:

U.S. Department of Health & Human Services, Administration for Community Living.
“Who Needs Care?” https://longtermcare.acl.gov

 

✅ Myth 2: “Medicare will cover it.”

Fact: Medicare only covers short-term, medically necessary care—not custodial or long-term support.

📌 Source:

Medicare.gov – “What’s not covered by Part A & Part B”
https://www.medicare.gov/what-medicare-covers

 

✅ Myth 3: “My Medigap plan or supplemental policy will take care of it.”

Fact: Most supplemental plans follow Medicare’s rules and don’t cover long-term care needs.

📌 Source:

Medicare.gov – “Medigap basics”
https://www.medicare.gov/health-drug-plans/medigap

✅ Myth 4: “It can’t cost that much.”

Fact: Long-term care costs can exceed $90,000 per year.

📌 Source:

Genworth Cost of Care Survey 2024
https://www.genworth.com/aging-and-you/finances/cost-of-care.html

 

✅ Myth 5: “If I run out of money, I’ll just qualify for Medicaid.”

Fact: Medicaid requires you to spend down most of your assets to qualify.

📌 Source:

Texas Health and Human Services Commission – “Eligibility”
https://www.hhs.texas.gov/services/health/medicaid-chip

 

✅ Myth 6: “I’ll just transfer assets later to qualify.”

Fact: Medicaid has a 5-year look-back period.

📌 Source:

Medicaid.gov – “Long-Term Services & Supports”
https://www.medicaid.gov/medicaid/long-term-services-supports/index.html

 

✅ Myth 7: “My kids will take care of me.”

Fact: Family caregiving has emotional, physical, and financial tolls.

📌 Source:

AARP – “Caregiving in the U.S. 2025”
https://www.aarp.org/pri/topics/ltss/family-caregiving/caregiving-in-the-us-2025-caring-across-states/

 

✅ Myth 8: “Long-term care insurance never pays out.”

Fact: Modern policies have improved flexibility and regulation.

📌 Source:

American Association for Long-Term Care Insurance (AALTCI)
https://www.aaltci.org/long-term-care-insurance/

 

✅ Myth 9: “I’ll wait until I’m older to buy coverage.”

Fact: Cost and insurability become harder with age and declining health.

📌 Source:

KFF – “Americans’ Challenges with Health Care Costs”
https://www.kff.org/health-costs/americans-challenges-with-health-care-costs/

 

Be sure to plan now

Without a plan, your options shrink—and your loved ones carry the weight. Let’s talk about how you can protect your assets, your independence, and your family.

📞 Schedule a consultation today at 903.533.8585 or visit FelicianoFinancial.com