There are many myths about long term care insurance. It's easy to be fooled by them: Long Term Care insurance is a subject that no one really wants to examine, because people are afraid of it. However, fear is most effectively cured with information.

"I'm Too Young"

A lot of us think that only senior citizens need to worry about long term care, so we put off preparing for the possibility. The fact is that untimely accidents or illnesses can strike at any age. While 60% of people who will need long term care are 65 or older, 40% are working age adults between the ages of 18 and 64.

"My Family Will Take Care of Me"

This might have been a reasonable assumption years ago, when grown children tended to settle near their parents and women stayed at home. In today's society, children may live across the country or around the globe. And many women are active in the workforce, with less time to fulfill their traditional caregiver role.

"Medicare and Medicaid Will Cover My Bills"

Medicare is generally available for those who are disabled and for people over age 65. Medicaid is the government program to help those in financial need. It won't kick in until virtually all of your assets and your spouse's assets have been consumed. People who have higher assets or income may end up "spending down" their savings and assets in order to be eligible.

"Medicare and Medicaid Will Cover My Bills"

Will you have saved enough money to pay for the raising rate of nursing home expenses? And, if you have that much money, will you want to spend it for long term care services? Many people will find that their assets will be depleted rapidly if they have to pay for long term care services out-of-pocket.

"Long term care insurance is too expensive"

Long term care insurance premiums are lower the younger you are when you buy. So, it makes sense to purchase coverage when you are younger and when premiums are more affordable. The bi-weekly premium if you purchase coverage at age 40 for a plan available from the Federal Long Term Care Insurance Program that covers home and facilities care and keeps pace with inflation is $30.05.* At age 50, if you purchase the same plan, that plan will cost $43.06*

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