The Odds of Needing Long Term Care Insurance

None of us can predict what's gonna happen in the future, so we can't know for sure if we will ever need long term care. However, the longer you live, the higher your chances become for needing extended care.

So what exactly are your odds of needing long term care insurance and spending time in a nursing facility? Here are what various studies have to say:

According to Wall Street Journal, for a couple turning 65 years old, there is a 70% chance that one of them will require long-term care.

As the generation of baby boomers get older, the number keeps rising. Experts say that 65% of people over 75 need long term care.

On the other hand, a research conducted by The National Academy of Elder Law Attorneys reveals that 20% of all people 65 years old and above need assistance in performing their normal activities of daily living such as bathing, eating, etc.

At age 85, the estimate grows to about 50%. The worst case scenario with regard to financial strain involves spending time a nursing home which can be very expensive.

The odds of a person needing Long Term Care in a nursing facility at various ages are as follows:

45 or older: 36%
65 or older: 49%
85 or older: 56%

These statistics can be concerning, specifically for people who have not planned what they will do to address the high costs of long-term care. So if you want to make the right decision, talk to a financial advisor or agent on how you can get the right long term care plans with the lowest possible insurance premiums.