November is officially National Long Term Care Awareness Month (LTCAM). The US Congress created LTCAM in 2001, making this the 17th anniversary! Congress recognized the need to promote LTCAM as a month-long campaign aimed at educating Americans on the importance of owning Long Term Care insurance (LTCi).
Local, state and national governments recognize how unprepared citizens are. When it comes to being able to afford often catastrophically expensive long term care (LTC) costs, many of us are unprepared. Our government will not be able to adequately bear the costs of providing LTC. Long term care insurance costs are often a fraction of actual long term care costs.
How is Your Long Term Care Awareness?
Last year, Genworth Financial conducted a survey to see how informed Americans were on the costs, options and even the need for long term care. They found that only 1 in 5 respondents had taken any action in planning for their future medical needs.
They also found a lot of misunderstanding about who pays for for LTC costs, understanding the difference between Medicare and Medicaid, and a general lack of knowledge about what kind of costs are covered.
- 2 out of 3 respondents expect government programs to cover the costs of their LTC needs; however, 45% admitted that they didn’t know the difference between Medicare and Medicaid programs.
- GenX is most concerned about paying for their medical expenses as they age. And yet, they are least likely to have a financial plan in place.
- Millennials are most likely to have made proactive plans for their future. The research suggests that they have the lowest expectations of the government being able to pay, so they have taken action to protect themselves.
Here is a first-hand testimonial of someone who didn’t think she needed Long Term Care insurance, kept an open mind and bought the policy.
Knowledge is Power
The purpose of Long Term Care Awareness Month is to raise your awareness of the need to plan responsibly for LTC, right now! This is the very best way to ensure dignity, options, access and choices if LTC is necessary.
Unfortunately, the odds of needing LTC are high. You protect against other risks, like a car accident or house fire. The need for LTC is more likely than a house fire or car accident. LTC often costs more than a car or a house. If you’re not prepared, a lengthy LTC need puts your savings and retirement, and family at risk.
Just as it is smart to plan ahead for retirement, it’s smart to plan now for long-term care.
Take that first step. Click here to receive your free, no-obligation quote for your own Long Term Care insurance coverage.