It’s a decision many baby boomers are grappling with: Should I buy long-term-care insurance?
The decision has never been more difficult. According to researchers at Georgetown University and Pennsylvania State University, about 70% of individuals 65 and older will need long-term care—whether at home or in an assisted-living facility or nursing home.
At the same time, however, the price of long-term-care insurance keeps going up. A 55-year-old couple, for example, can expect to spend about $3,275 in annual premiums for $164,000 of coverage for each that grows by 3% a year, according to the American Association for Long-Term Care Insurance, a trade group for insurance agents.