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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:
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
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
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/supplements-other-insurance/what-is-medigap
Fact: Long-term care costs can exceed $90,000 per year.
📌 Source:
Genworth Cost of Care Survey 2023
https://www.genworth.com/aging-and-you/finances/cost-of-care.html
Fact: Medicaid requires you to spend down most of your assets to qualify.
📌 Source:
Medicaid.gov – “Eligibility”
https://www.medicaid.gov/medicaid/eligibility/
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
Fact: Family caregiving has emotional, physical, and financial tolls.
📌 Source:
AARP – “Caregiving in the U.S. 2020”
https://www.aarp.org/ppi/info-2020/caregiving-in-the-united-states.html
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/
Fact: Cost and insurability become harder with age and declining health.
📌 Source:
U.S. Government Accountability Office (GAO) – “Long-Term Care Insurance: Factors Contributing to Decline in Market”
https://www.gao.gov/products/gao-17-361
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.
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