Myth: It will never happen to me.

Fact: You have a 70% chance of needing long-term care if you are over the age of 65. Your chances increase as you age.

Myth: I won't live long enough to need it.

Fact: Life expectancy after age 65 is now 19 years, an increase of 6 years since 1940.²

Myth: Medicare will pay the bill.

Fact: Average annual cost in Pennsylvania for care in an assisted living facility is $68,255 to $76,285. Average annual cost for a Home Care Aid is $84,448. Average annual cost of living in a nursing facility is $52,416³.

Medicare pays only about 9% of home health and nursing home care in the United States. Medicare can approve up to 100 days in a nursing home. They will pay-in-full the cost for the first 20 days. From days 21-100, the recipient begins to pay, out of pocket, $128 a day. After 100 days, Medicare stops paying and you pick up 100% of the cost⁴.

Myth: I can rely on the government (Medicaid) to help me.

Fact: To some extent this is true; Medicaid is available for the impoverished for long-term care needs. There are disadvantages, however, including long waiting lists for admission, necessity of frequent moves to find adequate care, and the government determines the type of care received.

You should NOT buy long-term care insurance if:

• You can't afford the premiums
• You have limited assets
• Your only source of income is Social Security or SSI
• You often have trouble paying for the basic bills

You should CONSIDER buying Long-term Care Insurance if:

• You have significant assets and income
• You want to protect some of your assets and income
• You want to pay for your own care
• You want to stay independent of the support of others