More than eight million people each year receive some form of long-term care. There are even insurance policies available to cover some of the costs. The independent insurance agents at PFS Group in Brooklyn, NY, say many of their customers have questions about this coverage. Here, they dispel a few of the more common misconceptions.
Myths About Long-Term Care Independent Insurance Agents Frequently Hear
1. “I have Medicare & a supplemental policy, so I’m covered.”
Medicare and supplemental policies are meant for short-term care, such as time spent in a rehabilitation or nursing facility following hospitalization. Most plans do not cover the long-term care many elderly Americans need.
2. “I’m healthy, so I doubt I’ll need long-term care.”
Maintaining a healthy lifestyle in your younger years will certainly help you avoid some of the conditions that lead people into long-term care. Statistically, though, more than 70% of the population age 65 and up will eventually require this service.
3. “My retirement savings will cover it.”
The type of long-term care needed can dramatically affect the cost. In-home services can cost as little as $20,000 a year. A year-long stay in a nursing home, however, could cost nearly $100,000 or more. Even if you have a well-funded retirement account, it’s unlikely it would be sufficient enough to cover these astronomical costs.
4. “There’s always Medicaid.”
Although 70% or more of the senior population will require long-term care, only about 14% of that population meets the poverty guidelines. As a result, many seniors do not qualify for Medicaid, and those who do often find they must jump through hoops to take advantage of it.
How An Independent Insurance Agent Can Help
If you suddenly feel unprepared for the future, the independent insurance agents at PFS Group are here to help. They work with several different carriers to get you the maximum long-term care insurance coverage at an affordable rate. With their help, you can feel confident in your ability to pay for your health care needs in the future.
If you’re looking for long-term care, homeowners, or car insurance in Brooklyn, Queens, Crown Heights, East New York, or Flatbush, call PFS Group at (718) 385-5300 to speak with an independent insurance agent about your options. You can view all the products they offer on their website.