Insurance is a means to protect yourself and your loved ones against financial loss. If you’re reading this, you are probably someone who understands the importance of having health insurance, homeowners insurance, auto insurance, and life insurance, but have you carefully considered the possibility that you might need long-term care insurance?
By the time you reach retirement age, the chance that you will need long-term care is probably higher than you think. Approximately 50% of adults will become at least partially disabled, or lose the ability to fully care for themselves, requiring some form of assisted living or healthcare aids during their lifetime. (1)
But despite the high likelihood that long-term care will be needed, most people have not planned for the financial risk the need for long-term care presents. As a result, many older adults struggle to afford the care they need.