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Do I Need Long Term Care Insurance?

June 22, 2017

Like all insurance, you may never need it, but when you do, you’re glad that you made the investment.

Long-term care insurance is one way to pay for the cost of nursing homes and in-home caregivers. It was initially introduced as nursing home insurance but now covers the cost of other facilities and caregivers at home, as well.

It’s a fact that our need for care grows the older we get. Things like bathing and dressing become more challenging. We might also need care after an illness or major injury, like a stroke, heart attack or broken leg.

No one has a crystal ball, so we cannot know for sure if long-term care insurance is a good bet, but here are some statistics that can help you decide.

  • Our life expectancy past age 65 is about 19 years. The longer we live, the greater the chance that we will need assistance due to chronic conditions.
  • About one-third of people who reach age 65 are expected to enter a nursing home at least once during the course of their life.
  • Approximately 70 percent of people who reach age 65 will require some type of long-term-care at least once in their lifetime.
  • About 11 million Americans of all ages need long-term care, even though only 1.5 million live in nursing homes
  • The average nursing home stay is one year

The HIPAA Act of 1996 provides some income tax advantages for a certain long-term care policies. Some states also offer tax advantages. You should consult your tax advisor to see if they make sense for

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