We Thought Long Term Care Insurance Would Cover It All—We Were Wrong

We paid $32,000 in long-term care insurance premiums over seven years, believing we were fully protected. When my husband Richard needed memory care, I discovered the painful truth about coverage gaps, elimination periods, and daily benefit limits. This is the story of what our policy actually covered versus what we thought it would cover, and the kitchen-table math that no insurance agent explained.

WHAT THIS VIDEO DELIVERS:
• The real cost breakdown of memory care versus insurance coverage
• How elimination periods work and why they're more complex than you think
• The difference between skilled nursing and assisted living coverage
• Why premium increases can make policies unaffordable over time
• Self-insurance comparison: what if we had saved the premiums instead?
• When Medicaid becomes necessary and how to plan for it
• Questions to ask before buying (or if you already own a policy)

✅ YOUR ACTION CHECKLIST:
1. Know Your Numbers
Get real facility prices in your area for nursing homes, assisted living, memory care, and home health aides. Do not rely on national averages.

2. Understand the Elimination Period
Ask: How many days must I pay out of pocket before coverage begins? What qualifies as an eligible day? Get this in writing with specific examples.

3. Read Every Definition
Activities of daily living, skilled nursing, custodial care, assisted living, memory care. What does your policy actually cover? What is excluded?

4. Ask About Rate Increases
What is the company's history of premium increases? Can they raise rates after purchase? By how much? Factor this into 20-year affordability projections.

5. Compare to Self-Insurance
Calculate what you would accumulate by investing the premium payments instead. Run both scenarios with realistic growth rates.

6. Consult an Elder Law Attorney Early
Before a crisis hits, understand your state's Medicaid rules, spend-down processes, look-back periods, and asset protection strategies.

7. Build a 12-Month Cash Reserve
Long-term care crises do not resolve quickly. You need liquid assets you can access without penalties or taxes to handle the elimination period and coverage gaps.

⭐️ OFFICIAL RESOURCES:
Medicare.gov/coverage/long-term-care
Medicaid.gov/medicaid/eligibility
National Academy of Elder Law Attorneys: naela.org
State Health Insurance Assistance Program (SHIP): shiphelp.org
Your State Insurance Commissioner: search "[your state] insurance commissioner"

⚠️ EDUCATIONAL DISCLAIMER:
This content is for educational and informational purposes only. It is not financial, legal, tax, or medical advice. Every family's situation is unique. Before making decisions about insurance, Medicaid, or long-term care, please consult with a qualified attorney, financial advisor, or elder care specialist. Medicare, Medicaid, and insurance rules vary by state and change frequently. Always verify current regulations with official sources.