The aging of America, and the increasing health care expenses that will follow, are the biggest factors contributing to the growing interest in long-term care insurance.
Demographers predict that a third of all people who reach age 65 will need to enter a nursing home at some point in time.
Today the average cost of private nursing home care in America tops $74,000 a year, making private long-term care insurance a potentially smart investment for individuals who want to protect assets and avoid burdening their family.
In general, long-term care insurance covers a range of nursing home and community-based personal care services for individuals who need ongoing assistance due to illness or disability.
Neither Medicare, Medicare supplemental coverage, nor standard health insurance cover long-term care expenses.
Premium costs increase as you age, so the younger you are when you purchase a policy, the lower the premiums you'll pay during the life of the policy.
Checklist
Be sure you read and understand all of the fine print on any long-term care insurance policy you are thinking about buying.
Investigate the cost of care at facilities in your area, so that you can get an idea of how much coverage you might need.
Find out if your employer offers extra long-term care coverage as an optional benefit.
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