education, public safety, and other vital services. Too many people think health insurance or Medicare pays for extended care at home, in adult day care, or in assisted living facility or nursing home. These plans only provide short-term recovery benefits. They do not provide money to hire day-to-day caregiving chronically ill people need. If you have a spouse, parent, in-law, or adult child who needs this type of care — or if you need it yourself — who would provide it? Can you afford to hire caregivers to come to your home at $25–$40 an hour? If not, the caregiver may be you or your spouse. Sometimes that is a 24/7 job! Before my wife arrived in the U.S. I was paying $4,500 for assisted living. The following are some insurance/Medicare/government misconceptions: Only the Elderly Needs Long-Term Care, You Should Never Buy LTC While you are young. Anyone can need extended care due to automobile or sporting accident, a brain tumor, MS, Lou Gehrig’s disease, or even early Parkinson’s or Alzheimer’s disease. One out of four people who has a stroke is under age 65. Long-term care insurance policies are age-rated and health underwritten. The earlier one purchases a policy, the lower the premiums. Some people buy it on their adult children when they realize a head injury or other serious condition could make them totally responsible for that child’s care. LTC is Nursing Home Insurance. Less than 15% of long-term care happens in a nursing home. Families do whatever it takes to provide care, usually at a great sacrifice to the primary caregiver, who is commonly a woman. The Government Will Come Up with the Answer. WRONG! The Government’s Take on Long-Term Care, Social Security… Medicare… Medicaid… Each time the country has faced a significant financial need, the federal Government has taken the initiative to pass legislation designed to address the need. Because of the serious nature of the long-
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