When you consider the growing number of people over 65 in the U.S., the declining popularity of long term care insurance seems troubling. To improve awareness of how this insurance can benefit people, October has been named Long-Term Care Planning Month. Here are ten reasons you might want to consider purchasing long-term care insurance, especially if you’re getting older:
- You have a high chance of needing long-term care. If you live to age 65, you have a nearly 70 percent chance of experiencing a disability and needing some paid or unpaid help with basic daily living skills. On average, women require such help for 3.7 years, men for 2.2 years. The government estimates the number of people who will need long-term care will reach 27 million by 2050.