While no one can predict future nursing home or in-home care needs, the odds are not in one’s favor, so you should seriously consider long-term care insurance. According to the U.S. Department of Health and Human Services, nearly 70 percent of people turning age 65 will need long-term care at some point in their lives. Unfortunately, less than one-third of Americans aged 50-plus have a plan in place to protect their retirement assets should long-term care expenses arise.
Long-term care insurance is designed to cover a variety of services such as personal care either at home or in a nursing home. Factors impacting the costs of individual long-term care policies include age, health, scope, and length of coverage.