Myth # 1: Long Term Care Insurance is unnecessary. Maybe. But, whether from chronic disease, disability, or simply the natural decline from age, it has been reported that about 70 percent of Americans over 65 will need some kind of help with the activities of daily living for months or years as they age.
Many of those people have planned for this eventuality and purchased some form of Long term Care (LTC) insurance. But, what happens when a LTC insurance company denies a claim? For the most part, all of those plans, and expectations go down the drain. Whether they have LTC insurance or not, some people just assume that Medicare will pay for their care. This is Myth # 2.