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Do you believe these long term care insurance misconceptions?

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If you are considering the idea of purchasing a long term care insurance policy, it is easy to become confused. Unfortunately, some people find themselves so confused that they shy away from moving forward with a purchase.

Below are several long term care insurance misconceptions that have stopped others from buying a policy at the right time:

-- Medicare will pay for everything. It is a myth that you don't need long term care insurance because Medicare will step in and take care of your bills. Generally speaking, Medicare only covers long term care for a short period of time.

-- You can only use long term care insurance for nursing home care. This may have been the case 30 years ago, but things have changed. You can now use your long term care insurance policy for in-home assistance as well.

-- You aren't old enough to purchase a policy. Many people think that long term care insurance is only for the older generation, but this is not necessarily true. When you buy this when you are young and healthy, the policy is not nearly as expensive.

If you begin to believe these types of long term care insurance misconceptions, it could stop you from finding and buying a policy that suits your every want and need. It is best to separate fact from fiction, as this will put you in a position to make an informed and confident decision.

Once you know what long term care insurance has to offer, you can better understand your situation and how a policy could help.

Source: AARP, "10 Misconceptions About Long-Term Care Insurance," accessed Oct. 20, 2015

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