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What are the three most common fallacies about long-term care and long-term care insurance?

Fallacy 1 — I’m never going to need long-term care.

Approximately 1 in 68, or 4 million, people in the United States are afflicted with Alzheimer’s disease; approximately 1 in 272, or 1 million, people in the United States, are afflicted with Parkinson’s disease; and 1 in 27, or 10 million, people in the United States are afflicted with osteoporosis (8 million women/2 million men).

Fallacy 2 — If I never use long-term care insurance, I will lose it.

Not true anymore! Modern policies have return-of-premium riders and hybrid life insurance products exist that permit long-term-care access riders.

Fallacy 3 — It costs too much.

Long-term care insurance is expensive, but the average cost of a nursing home in the Chicago area is $70%2

About Anthony B. Ferraro

Anthony B. Ferraro is the founder and managing member at the Law Offices of Anthony B. Ferraro. He received his Bachelor of Science degree in accountancy from DePaul University and his Master of Science in taxation. After receiving his CPA designation in 1978, he enrolled in law school, earning his Juris Doctor in 1983 from De Paul University. An elder law practitioner, his practice areas include Medicaid planning and applications, guardianship, probate & trust administration, long-term care planning, nursing home contracts and admission, senior estate planning, special needs planning, estate planning, and estate taxation.

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