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Planning for your Retirement: Misconceptions About Extended Care

Tuesday, March 26, 2024

Confusion to Clarity Video Blog/Planning for your Retirement: Misconceptions About Extended Care

Planning for your Retirement:
Misconceptions About Extended Care

When it comes to planning for our future, especially our extended care needs, it's surprising how many of us are unprepared. Despite thinking ahead about Medicare, many overlook the critical aspect of extended care planning. Today, let’s talk about misconceptions that might be holding you back from securing the support you’ll need for your future comfort and receiving care.

The Truth About Lack of Preparedness

An overwhelming 80 percent of people have not planned for their extended care needs. This is surprising because if you're planning for Medicare, you're acknowledging future health care needs. Yet, the possibility of requiring extended care doesn't seem to register on most people's radar until it’s too late. As someone who might have always been the caregiver, the thought of needing care ourselves can be unsettling.

Misconception #1: Medicare Will Cover You

One of the most common myths is that Medicare will cover extended care needs but actually, it is far from the truth. While Medicare is designed to get you through medical emergencies and routine care, it's not equipped to handle aging-related care needs. It might cover skilled nursing for a limited time, but beyond that, you're on your own. This revelation often comes as a shock to many, and paying out of pocket for such needs can feel astronomical.

Misconception #2: Medicaid is Your Safety Net

Another misconception is the reliance on Medicaid. The harsh reality is that Medicaid requires you to deplete your assets before stepping in. And even then, your choices for care are severely limited. The quality of life and personal control over your care situation significantly diminish when relying solely on Medicaid.

Misconception #3: Long-Term Care Insurance is Too Expensive

Yes, traditional long-term care insurance can be costly. However, don’t be discouraged by this. There are alternatives and more affordable options available that provide substantial coverage without the hefty price tag. It's worth exploring these before dismissing the idea of insurance altogether.

Misconception #4: You Can Self-Insure

While self-insuring is an option for some, it often means inadequate planning for many. True self-insurance involves detailed planning and financial allocation, considering inflation and future care costs. Merely hoping for the best is not a plan; it's risky with your future.

The Path Forward: The Power of Planning

I hope this encourages you to take action. Extended care planning is not just about you; it's also about easing the potential burden on your loved ones. It's about ensuring that, should the need arise, you're prepared, and your quality of life is preserved.

Remember, preparing for extended care is a profound act of self-care. It allows you to take control of your future, ensuring that your golden years are as golden as they should be.

To get helpful advice and guidance, connect with me on my Facebook page. You can also book a FREE consultation with me here.

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Stephanie Pogue

Certified Medicare Insurance Planner

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Required Government disclosure: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options..