FEDweek

Assessing Your Need for Long-Term Care Insurance

For people turning 65, according to recent government statistics, there is a 44 percent chance of needing some nursing home care in their remaining lifetime, a 32 percent chance that the care will need to be three months or longer, a 23 percent chance that the care will need to be one year or longer and an 8 percent chance that the care will be five years or longer. About a fifth of those age 65 and older experience some degree of chronic physical impairment. Among those aged 85 or older, the proportion of people who are impaired and require long-term care is about 55 percent.