Most people don’t think about long-term care until they have to. It’s easy to assume it won’t happen to you or that your family will step in if it does. But the reality is often different. According to the Department of Health and Human Services, 70% of people over 65 will need long-term care of some sort, whether that is a home health aide, assisted living or skilled nursing care. And with the average cost of a nusting home over $10,000 a month and costs rising yearly, not having a plan can put a significant financial and emotional strain on your family. Here are three common myths about long-term care and what you need to know instead.
Myth 1: I Won’t Need Long-Term Care
Many people think they’ll never need long-term care, so they don’t plan for it. But long-term care isn’t just nursing homes—it also includes in-home care and assisted living. The reality is that most people will need some care as they get older. On average, men need care for 2.2 years, and women need it for 3.7 years. That’s a long time to rely on personal savings or hope that things work out.
Cost is another significant factor. A private nursing home room in Florida costs about $10,000 a month, and that number keeps increasing (and outpacing inflation). Without a plan, those costs can quickly drain your savings and leave little behind for your family.
Myth 2: My Family Will Take Care of Me
Many people assume their spouse or children will take care of them. While family often tries their best, caregiving can be physically and emotionally exhausting and unsafe.
For example, we knew of a woman who cared for her husband at home. When he fell one day, she tried to help him up, but in the process, she also fell and broke her hip. Now, instead of one person needing long-term care, they both did. Similar situations like this are more common than you might think. There often comes a point where family members can’t provide the needed level of care. Having a plan ensures that if professional care is required, there’s a way to pay for it without putting stress on loved ones.
Myth 3: Medicare Will Cover Long-Term Care
Many people assume Medicare will pay for long-term care, but it doesn’t. Medicare covers short-term rehab stays after a hospital visit. It does not pay for long-term care at home, assisted living, or nursing homes.
Some people think that putting their assets into a revocable trust will protect them from long-term care costs, but that’s not true, either. A revocable trust does not fully protect your home and life savings from long-term care costs. If protecting assets is a goal, different planning strategies are needed.
Final Thoughts
Most people will need long-term care at some point. Hoping it won’t happen, assuming family will handle it, or thinking Medicare will cover it can leave you unprepared. Planning ahead is the best way to protect yourself and your loved ones.
We can help you understand your options and work with you to custom-tailor a plan to help you aceive your planning goals. As one of the few law firms with an attorney licensed in Florida and Minnesota, we can help you find the best strategies to protect your assets and ensure you get the care you need. Call us today at either our Florida office at (941) 909-4644 or our Minnetonka, Minnesota office at (763) 420-5087 to schedule your consultation. Or, you can fill out the contact form on this page and a member of our team will reach out to you to schedule your consultation.
If you are not yet ready to schedule a consultation, but would like to learn more, here are two resources for you:
