Fra Noi Embrace Your Inner Italian
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
