KIRKLAND, Wash., June 12 /PRNewswire/ -- A few months ago, members of Congress asked the Social Security Commission to clear up a misperception of many Americans approaching retirement age. "A lot of seniors had the idea that Medicare would cover their long-term care expenses," says Cameron Truesdell, CEO of LTC Financial Partners LLC (LTCFP), one of the nation's largest and most experienced long term care insurance agencies. "It wasn't so, but the wording of the Social Security Statement left some doubt."
*(PHOTO Link 72dpi: Send2Press.com/mediaboom/08-0505- LTCTruesdell_72dpi.jpg)
*(Photo Caption: LTC Financial CEO Cameron Truesdell.)
Congress asked for clarification. The Social Security Commissioner, Michael J. Astrue, responded with a letter saying the wording of the Social Security Statement -- found at http://www.socialsecurity.gov/mystatement/sample4.htm -- would be changed to make the meaning crystal clear. The section titled "About Social Security and Medicare" now reads as follows (emphasis added):
"Social Security pays retirement, disability, family and survivors benefits. Medicare, a separate program run by the Centers for Medicare & Medicaid Services, helps pay for inpatient hospital care, nursing care, doctors' fees, drugs and other medical services and supplies to people age 65 and older, as well as to people who have been receiving Social Security disability benefits for two years or more. Medicare does not pay for long-term care, so you may want to consider options for private insurance."
"This clarification is long overdue," says Truesdell. "Only about 10% of those who should have long term care insurance do. Part of the reason may be simple misinterpretation of what the government meant."
"It is vital for millions of Americans to do what the statement says,
look into private LTC insurance options," Truesdell continues.
|SOURCE LTC Financial Partners|
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