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Long-Term Care Misconceptions

  • Oppenheimer Life Agency, Ltd.
  • May 17, 2023
Myth and Reality
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Myth: I probably won’t need long-term care.
Reality: 70% of people age 65 and older will need some form of long-term care services in their lifetime. As individuals are consistently living longer the need is more important than ever before.

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Myth: My health or disability insurance will cover my long-term care expenses.
Reality: Your health insurance or long-term disability policy will not cover long-term care (LTC) expenses. LTC insurance is the only coverage that will pay for your care if you cannot perform everyday living activities such as bathing or dressing.

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Myth: Medicare or Medicaid will cover my long-term care.
Reality: Many people assume Medicare will pay for their long-term care services. Medicare does not generally cover these costs, it simply pays for skilled nursing care in a nursing home for a short period of time (up to 100 days) following a hospital stay. Medicaid will pay for long-term care, but for those individuals with a very limited income and very little assets.

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Myth: Long-term care is for the elderly.
Reality: The need for long-term care can arise at any time in your life. While the majority of individuals who require long-term care are elderly, younger adults can require it should an unforeseen accident or illness occur where extensive rehabilitation is required. This can quickly deplete assets if you are not prepared with the right insurance.

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Myth: My family will take care of me if a long-term care need arises.
Reality: Most individuals prefer to receive care in their own homes, and while family members can provide care, they might not have the skills to provide the level of care necessary. It may require professional help. This can be a huge financial burden on loved ones. The average cost of in-home care in the U.S. is $4,290 per month. It is very important to decide how you would like to receive care in the future if the need arises, and plan accordingly.

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Myth: I can’t afford long-term care insurance.
Reality: It can be more affordable than you think, and policies can be tailored to fit your needs and budget. They can also be more affordable at a younger age, so it is important to start planning before you reach retirement.

Your Oppenheimer Financial Professional can work with you to create a plan that fits your needs and financial goals for the future.


“What is Home Care and How Much Does it Cost.” Paying for Senior Care, September 1, 2020,,average%20of%20%

“Common Long-Term Care Misconceptions.” LTC Partner, 2020,

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