Balancing the demands of work, family, and finances can be challenging. It can be difficult to focus on the present, let alone the future. But taking steps now to better manage your future can make a real difference in the quality of life for you and your loved ones.

Unfortunately, the future can change in an instant when you or a loved one suffers a devastating injury or serious illness that requires long-term care, which is the assistance provided when you need help with the activities of daily living, such as eating, bathing, or dressing, due to injury, illness, or aging.

CalPERS has been in the long-term care coverage business for nearly 20 years, and during that time, we have learned that four “myths” often stand in the way of people seriously considering long-term care.

First, there is the myth that we won’t need long-term care. According to the federal government, 70 percent of Americans aged 65 and older will need long-term care services at some point in their lives.

The reasons we may need long-term care are things we don’t like to think about while we are still relatively young. However, a university study found that 41 percent of long-term care services are provided to people under the age of 65.

The second myth is that long-term care coverage is too expensive. In reality,  not having long-term care coverage can be more expensive. The average daily cost of residence in a California skilled nursing facility is about $260 per day, or more than $7,500 per month. Not surprisingly, 64 percent of Californians over age 40 say they couldn’t afford more than three months of long-term care if they had to pay out of pocket. For example, the monthly premium for a 50-year-old participant ranges from $116.42 to $248.59, depending on which pre-packaged CalPERS Long-Term Care plan is selected.

A third myth is that health insurance will pay for long-term care expenses. Many people believe that long-term care is included in their health benefits, Medi-Cal, Medicare, or Medicare supplemental plans. In reality, long-term care services are covered by these programs on a limited basis or only when certain prerequisites are met. For example, Medi-Cal requires that most financial assets be depleted or “spent down,” before beneficiaries are eligible to receive long-term care services.

Finally, the fourth mythis that our families will take care of us during our old age or time of need. Even the most dedicated spouse, child, sibling, or close friend may not have the time or means to take care of someone 24/7 for a long period of time. And, some of us would feel uncomfortable imposing on others.

Since late 2013, CalPERS has offered long-term care coverage on a continuous application basis. Our plans can help cover the high cost of long-term care and are flexible, so you can choose from pre-packaged plans or customize your own plan design. The younger you are when you join, the lower the cost of your premiums. If you don’t yet have long-term care insurance, I encourage you to look into your options and see if long-term care would be right for you.

CalPERS Long-Term Care coverage can give you the peace of mind that comes from knowing you’ve planned for your future.

Please visit our website, www.CalPERSLongTermCare.com, or call 800-908-9119 to learn more.