SOME   MYTHS  ABOUT LONG TERM CARE INSURANCE--LISTEN UP YOUNG PEOPLE!
By Ronald J. Iverson, Copyright 2007

1)  Long Term Care insurance is just for nursing home care.
2)  Long Term Care insurance is just for old people.
3)  Long Term Care insurance is just too expensive.

The answers to the myths are No, No, and No.  Let's see why

1)  Myth No. 1--  Not anymore!  The beauty of today's comprehensive Long Term Care insurance policy is that the insurance will cover you at home, or in an assisted living facility, or yes, if need be, in a nursing home.  So, you can receive care at home with the benefits of the policy paying for the same help you would need in a nursing home.  

2)  Myth No. 2--  Simply not true.  Suppose you are "T-boned" at an intersection, can't work, and are laid up for a year or so at home recovering from a broken back.  LTC coverage will PAY for someone  to come into your home and help you with the normal daily activities of living until you no longer need them.  Same thing for a stroke, or heart attack, or Alzheimer's, among thousands of other reasons.  Would you believe--according to a study by the U.S. Accounting Office done in 1995, 43% of the people needing LTC are under the age of 65!

3)  Myth No. 3--  Wrong!  Working age people have a great chance  to protect the assets they are building, at a very affordable rate!   Waiting to purchase at an older age is what creates high premiums, as well as other problems; such as inflation in the cost of the care, dealing with older attained ages, and pre-existing conditions which could lead to a turn down of policy issue.

Perhaps we chould approach the problem in the form of a subtle letter that would say:

Dear Working American:

I realize that you are in the building years of your life and haven't had a great deal of time to think about financing the distant future.  But...These are critical times, and I would like to alert you about something that could cost you more than severe downturns in the agricultural markets, or the stock market, or severe drought, or rising energy prices, of which we seem to experience from time to time.

Before you think, "They're just trying to sell me some more insurance, and I'm not interested," humor me a moment.

Allow me to ask one simple question.

Why are you working?

There are two simple answers...

1)  To pay the bills.

2) To prepare for a retirement... a comfortable retirement.

That pretty much covers it.

Work today... build for tomorrow.

Build what?  Assets... Your Assets.    ...And hope that nothing comes along that interferes with your work, your plans, and your building...

You probably currently feel great, so I'll bet it hasn't occurred to you that your health AND your wealth go hand in hand...but...what happens if you outlive your good health? Or your money!  So far...so good.

Know of any celebrities who could do anything at age 30, but were struck down before age 40?  OK, how about friends or family members?

I don't mean to alarm you, but did you know that 50% of bankruptcies in the US are related to a medical reason, and nearly 80% of those people had medical insurance!  Why did this happen?  Because medical insurance seldom covers the indirect expenses associated with:  1) Home Health Care,  2) Assisted Living, and if need be,  3) Nursing Home Care.  But a comprehensive Long Term Care Insurance policy does!

The truth is, that by acting at a younger age, you can solve this problem inexpensively, and explode some myths about Long Term Care Insurance!