The Facts Reveal Misconceptions

The Health Insurance Industry Association conducted a decade-long study titled Who Buys Long Term Care Insurance in 2000. The facts from the report diverge from many commonly held myths:

• Myth: Long term care insurance is for old folks.
  Fact: One third of people who obtain long term care insurance are under age 65. Smart people realize that a debilitating illness creating a need for long term care can happen at any time.

• Myth: Long term care insurance is bought by people who are not financially sophisticated. Fact: Buyers of long term care insurance policies are wealthier than non-buyers.

• Myth: The government will pay.
  Fact: Non buyers are twice as likely to have this misconception than buyers of long term care insurance.

• Myth: Long term care insurance is expensive.
  Fact: The average premium paid in 2000 was $1677. This was only an 11% increase over a five-year period.

• Myth: I would buy if the premium was deductible.
  Fact: Non buyers were three times more likely to be unaware that under many circumstances, premiums are tax deductible.

• Myth: I'll just have my kids take care of me.
  Fact: Long term care continues to be the largest, single out-of-pocket expense faced by the elderly and their families. In addition, many children don't have time and don't want to take care of an ill parent.

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