3 Common Myths Regarding Long-Term Care That You Shouldn’t Believe In
Long-term care is quite common after the age of 65. We all hope we can maintain our health and vitality in old age. The truth is that after retirement there’s a 70% chance of needing support and long-term care. According to the U.S. Department of Health and Human Services, the average duration of long-term care is around 3 years. Women, in particular, need care for longer as compared to men.
It’s important to be prepared for this stage of our lives beforehand. However, there are some common myths that you need to be aware of in order to plan for the future.
MYTH#1: You’ll have to give up all assets to receive Medicaid
According to the law in many states of America, you can’t have more than $2000 worth of assets to qualify for Medicaid. However, there are some assets that you can retain and still be able to receive Medicaid. While the types of assets that are exempt vary from state to state, the residential property is allowed to be kept in most cases. The main requirement is that the spouse of the person needing long-term care is still living there. Other asset exemptions may include;
- Burial spaces
- Trade or business property
- Assets that can’t be sold for cash
The spouse is also allowed to keep a certain portion of the countable assets belonging to the couple.
MYTH#2: You might be too young to require long-term care
You can apply for long-term care even if you’re under the age of 65. Long-term care might be required in case you have an accident or you suffer from chronic illnesses such as high blood pressure or diabetes. In that case, you can apply for disability care or residential care services. According to the U.S. Health and Human Services, around 8% of the people between the ages of 40 and 50 could require long-term care because of a disability.
MYTH# 3: Your savings will be able to cover the cost of long-term care
Most people have the foresight to keep some savings for retirement. However, they might not be enough to cover the entire cost of long-term care. The average median costs for a home aid or long-term care in the US is around $50,000 annually. In just a few years the costs can run into hundreds of thousands of dollars especially with residential care. Your savings will probably not be enough and you might want to plan ahead with a proper Medicaid plan.
If you or someone you know requires assistance and can benefit from becoming a part of a licensed elder care community, get in touch with AvantGarde Senior Living and Memory Care. Our compassionate and comprehensive assisted living and retirement packages cater to all kinds of senior residents in Sherman Oaks, CA.
Contact us at (818) 881-0055 or take a virtual tour of our premises!