Who Needs Long-Term Care Insurance?

The decision to purchase a long-term care insurance policy depends on an individual’s age, health status, retirement goals, income and assets. The possibility of needing long-term care increases with age. At age 65, seniors face a 40-percent lifetime chance of a nursing home stay, according to the U.S. Department of Health and Human Services. For about 10 percent of seniors the nursing home stay will last five years or longer.

Medicaid is the only government program available to pay long-term care costs for those who meet certain federal poverty guidelines and cannot afford to buy private insurance or pay the costs out-of-pocket.

Women are more likely to need long-term care because they have longer life expectancies and often times outlive their spouse.