Myth #1: The odds of needing LTC are slim—especially if I am in good health today (or have “good genes”).

Those turning 65 today have nearly a 70% chance of needing LTC in the future.¹ Add in today’s longer lifespans, and odds are that you or someone you love will be one of them.  While one-third of today’s 65-year-olds may never need LTC, 20% will need it for more than five years.² Making matters more complicated, by 2034, the number of adults age 65 or older is expected to exceed the number of people under 18 for the first time in history,³ so the number of caregivers will be in short supply relative to those needing care.

Myth #2:  LTC is covered by Medicare or other medical plans.

LTC is not typically covered by private medical insurance.  Medicare may cover care received in a skilled nursing facility for a short period of time, but it won’t cover custodial or personal care services at home or in assisted living.

Medicaid eligibility is restricted to those with limited assets.

Myth #3:  I can count on my children to take care of me.

Many people are inclined to rely on family members for long term care, but before you do the same, be sure to ask yourself, “Which family member will have the extended time and required skills to care for me?”  It’s certainly comforting when a family member can help, but relying entirely on family may not be realistic, especially if you require a higher level of care or care for a long period of time.

Myth #4:  LTC insurance only covers nursing homes.

LTC insurance is one of the best ways to stay out of a nursing facility, covering myriad services not otherwise available.   It allows you to make good choices about where you will receive care—nursing home, assisted living, retirement community, or even your own home.

In addition to custodial costs, LTC insurance can cover things like visiting nurses, home health aides, friendly visitors programs, home-delivered meals, chore services, adult daycare centers, and respite services for caregivers.

Myth #5: Most people only need long term care for a few months.

In fact, claims data indicates that 50% of people require long term care for more than one year, and the average length of a LTC insurance claim for those people is 3.9 years.⁴  Projecting costs out 20-30 years to when you may need care, the numbers can quickly exceed your comfort zone.

Myth #6:  LTC insurance is expensive; I’ll just self-insure.

While self-insuring may sound appealing, any savings you’ve allocated to your long term care needs could be quickly depleted in the event of a catastrophic health event.  Should you require a high level of ongoing care, LTC insurance provides a safety net and peace of mind.

Myth #7:  I don’t need to buy LTC insurance until I’m in my 70’s.

While it might sound like a good idea to wait until you reach retirement age, the older you are, the higher your premium will be. For example, a 55-year-old might pay twice or even three times the premium a 45-year old would pay.  Also, since an insurance company can decline you due to poor health, it’s smart to shop LTC insurance when you’re younger, before any health issues arise.

For more facts about LTC insurance, and to discuss your individual situation contact a long term care Advisor.  Our Advisors review each situation on a case-by-case basis and work with alums to present solutions that are best suited to individual needs.

¹Long-Term Care – An Update. National Council on Teacher Retirement. https://nctr.org/long-term-care-an-update/, March 27, 2025.
²How Much Care Will You Need? Administration for Community Living. acl.gov/ltc/basic-needs/how-much-care-will-you-need, Retrieved September 9, 2025.
³Miller KEM, Green CM, Fassinger A, Wolff JL. Long-Term Care Services and Supports Needed for Successful Aging-in-Place: A Critical Review. Annu Rev Public Health. 2025 Apr;46(1):487-505.
⁴Long-Term Care Insurance Usage Statistics. LTC Tree. www.comparelongtermcare.org/insurance-stats, January 1, 2025.