It will never happen to me.Fact
For Every 1,000 people (based on Americans over 65)…
• 5 will have a house fire
• 70 will have an auto accident
• 600 will need Long-Term Care
Family Caregiver Alliance, 2004
You have a one in four chance of needing long-term care if you are age 66 to 80. You have a one in two chance if you are older than 80.
I won’t live long enough to need it.Fact
Americans are living longer. The fastest growing population is the 85+ group. 50% of 65 year olds will live to be 100.
I can rely on the government (Medicaid) to help me.Fact
To some extent this is true; is intended as a safety net for the poor. In order to qualify for Medicaid, a person must spend down all assets to the poverty level.
Medicare only covers skilled care for a limited time, only after hospital confinement and does not cover either custodial or intermediate care. Other disadvantages include long waiting lists for admission, necessity of frequent moves to find adequate care, and the government determines the type of care received. Lastly, estate recovery is now mandatory – this means that the states must recover from the estates of beneficiaries any Medicaid long-term care benefits received.