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Many people don’t understand long-term care insurance

Despite the fact that millions of people have long-term care and disability insurance, a large percentage of the population is confused as to how they should approach the future.

Our California readers have many options when it comes to the insurance companies that sell this type of coverage; however, many don’t know how to get started or what to expect in terms of coverage and cost.

According to a recent study released by Northwestern Mutual, a survey of more than 2,000 people in the United States showed that 41 percent admitted they were confused regarding how to approach future challenges associated with long-term care. Along with this, these same people are not taking the time to understand their long-term care needs, despite the fact that it could have serious implications on their personal life and finances.

There were many other key points found through the survey, including the fact that only 31 percent of people without caregiving experience expect to help an older friend or family member remain in their own home in the future. This is in contrast to 42 percent with experience as a caregiver.

Another eye opener is the fact that 43 percent of people incorrectly believe that their long-term care related expenses will be covered in full by Medicare, Medicaid, disability insurance or health insurance.

This type of study goes a long way in showing that many people are confused as to what long-term care and disability insurance is all about. The time to figure things out is now, regardless of age and level of health.

Source:  Fox Business, “Most People Misunderstand Long-Term Care Insurance Coverage, Costs” Mark Chalon Smith, Nov. 18, 2013

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