August 2019
An Education Minnesota ESI Member Benefit
4 Myths About Long Term Care You Need to Know
It's not uncommon to be confused about long term care. Unlike medical care, long term care is assistance with everyday tasks, including eating, dressing, bathing, using the toilet, helping with incontinence, and moving to and from a bed or chair. Long term care assistance can also include housework, cooking, administering medications, grocery shopping, and managing mone y. 1

Myth 1: "It won't happen to me." People tend to downplay their personal risk, often assuming that others face a greater risk of needing care.
Myth 2: "Medicare and Medicaid have me covered." If qualified, Medicare may only cover a portion of skilled nursing costs up to 100 days. And Medicaid is only available to those with limited assets and income. 2
Myth 3: "That's what my savings are for." Many Americans significantly underestimate the costs of long term care, assuming the average annual cost of a private room is approximately $54,000 - roughly half the true cost. Unfortunately, financial professionals project that clients who experience an unplanned care event may spend their savings 2-3 times faster than anticipated. 3
Myth 4: "My family will be able to take care of me." The burden of caregiving usually falls on the women in the family. Daughters who care for ill parents are twice as likely as non-caregivers to experience depression or anxiety. And the overall cost to a female caregiver is estimated to be nearly $325,000 due to lost wages and diminished working hours. 4
Learn about these and other long term care myths in this quick video:
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Research shows that consumers are looking for support as they navigate the healthcare system, but aren't always receiving it.

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Securities offered through Advanced Advisor Group (AAG), Member Investment Advisory Services offered through Educators Financial Services (EFS), a Registered Investment Advisor. 440 Emerson St N Ste 4, Cambridge MN 55008 (877) 403-2374. Advanced Advisor Group and Educators Financial Services are affiliates under common control D/B/A EFS Advisors and are not affiliated with Education Minnesota ESI or Newman Long Term Care.   Educators Lifetime Solutions offers long-term care insurance and is affiliated with Advanced Advisor Group and Educators Financial Services.

Sources:
†Department of Health & Human Services, “Long-Term Services and Supports for Older Americans: Risks and Financing,” ASPE Issue Brief, https://aspe.hhs.gov/basic-report/long-term-services-and-supports-older-americans-risks-and-financing-research-brief , revised February 2016.
1. U.S. Department of Health and Human Services, “What is Long-Term Care?,” https://longtermcare.acl.gov/the-basics/what-is-long-term-care.html , October 10, 2017.
2. Department of Health & Human Services, “Long-Term Services and Supports for Older Americans: Risks and Financing,” ASPE Issue Brief, https://aspe.hhs.gov/ pdfreport/long-term-services-and-supports-older-americans-risks-and-financing-research-brief, February 2016.
3. VerstaResearch, “2017 LTC Marketing and Thought Leadership Research, Findings from Surveys of Advisors and Consumers,” October 2017. For a printed copy of this research, please call 877-ASK-LINCOLN.
4 Family Caregiver Alliance, “Women and Caregiving: Facts and Figures,” FCA, https://caregiver.org/women-and-caregiving-facts-and-figures , February 2015.