- The widespread misconception that Medicare covers long-term care needs (in fact, Medicare provides very little in the way of long-term care coverage)
- The belief that they will likely not need long-term care (in fact, 45% of people 65 or older will file a claim on an LTC policy)
- The presumption that they will qualify for Medicaid (which, while available with planning, does typically result in the loss of at least some assets, and Medicaid home care coverage is spotty)
For those who can afford it, LTC insurance can be a great safety net. For those who elect not to purchase LTC insurance, however, meeting with an elder law attorney to review proactive planning strategies -- often including the use of Irrevocable Asset Protection Trusts -- is a wise move.
Here's a link to the NYT article.