I find it interesting how many people take their health for granted. Not only when they are in their 20s and 30s but even in their 50s and 60s. It’s as if we can will good health in spite of the reality that we can’t. The need for long-term care insurance is greater today than ever before which is why I have titled this article “Long-term Scare” because the consequences of not being prepared for health care in retirement are scary.

Only about 10 million people have long-term care insurance in the United States even though about 58% of us will need long-term care by age 65. Let’s define long-term care. Long-term care involves a variety of services designed to meet a person’s health or personal care needs during a short or long period of time. These services help people live as independently and safely as possible when they can no longer perform everyday activities on their own. The services can be provided at home or in a hospital or other care facility.

With the risk so high, why do people avoid buying long-term care insurance? A lot of the reasons mirror why people don’t buy life insurance. They feel they don’t need it, it’s too expensive, Medicare will cover long-term care or a family member will take care of them if they get sick. Let’s take a look at each of these reasons.

First, many people feel that they don’t need long-term care insurance. When you are younger than 50 you are probably correct, which is why most people who buy long-term care insurance do so in their mid-50s. As we get older the risk for a long-term care event increases. Stroke, a fall, cancer or any number of illnesses can strike at any age buy certainly the frequency increases as we age.

The expense argument is real. Long-term care is not inexpensive. The average cost of a policy for a 55-year-old couple in 2019 was $3,055. For a 60-year-old couple, it was $3,400. However, there are a number of hybrid products that can overcome that excuse. For example, some life insurance policies will allow you to use part of the death benefit for long-term care expenses without penalty. Some annuities have riders available that will pay for long-term care expenses. Talk to a financial advisor about these options.

Medicare will cover long-term care is one of the most common misunderstandings. Here is what Medicare will cover:

• Skilled nursing care. Medicare helps to pay for your recovery in a skilled nursing care facility after a three-day hospital stay. Medicare will cover the total cost of skilled nursing care for the first 20 days, after which you’ll pay $170.50 coinsurance per day (in 2019). After 100 days, Medicare will stop paying.

• Home health care. If you are homebound by an illness or injury, and your doctor says you need short-term skilled care, Medicare will pay for nurses and therapists to provide services in your home. This is not round-the-clock care. Generally, it’s for no more than 28 hours per week. With your doctor’s recommendation, you may qualify for more.

• Hospice. Medicare covers hospice care. Hospice is care you get to make you more comfortable when you are in the last stage of life with a terminal illness. You’re eligible if you are not being treated for your terminal illness, and your doctor certifies that you probably will live no longer than six months. You can get care for longer than that, as long as your doctor says you are still terminally ill.

Finally, getting a family member to care for you if you need long-term care can be disastrous for you and your family. Many spouses end up needing long-term care themselves after attempting to help a loved one with the requirements of daily living such as lifting and transporting. Most of us are not qualified or equipped to take care of someone who needs long-term care. It is a heavy burden to place on a loved one.

My grandfather lived the final months of his life in a Medicaid facility because he didn’t have the resources to be cared for in a more fitting facility. My parents cared for him at home until it became unreasonable to do so. Medicaid is meant for the poor. Please make that your last resort. Consider your options today. Relieve your family of the potential burden and enjoy the peace of mind knowing that you will be cared for in the event you need long-term care!