Why might I need long-term care?

It is tempting to assume long-term care is something that happens to other people. The numbers say otherwise.

The odds, in plain terms

Roughly 70% of people turning 65 will need some form of long-term care in their lifetime (U.S. Department of Health and Human Services) — help with daily activities at home, adult day care, assisted living, or a nursing home stay. Needing some care is closer to the norm than the exception; what varies widely is how much, for how long, and how severe.

What happens if you do not have a plan

Without insurance or a funded plan, a long-term care need is typically paid for in one of three ways:

• Out of pocket, drawing down retirement savings — often quickly, given how expensive care actually is.
• Unpaid family caregiving, which shifts the burden — financial, physical, and emotional — onto a spouse or adult children, often for years.
• Medicaid, which does pay for long-term care, but only after you have spent down most of your assets to qualify.

None of these are wrong choices, exactly — they are what happens by default when there is no plan in place. The point of long-term care insurance, or another funded strategy, is making that outcome a choice rather than a default.

What determines whether you will need care

Age, family health history, and existing health conditions all factor in — but so does simple longevity: the longer you live, the more likely a period of needing help becomes. See how specific health conditions affect both your odds and your insurability.

The planning window

The best time to plan is before you need care — both because premiums are lower while you are healthy, and because a crisis is a poor time to make a calm financial decision. See when to buy and whether coverage makes sense for you.

General information only. This is educational and not insurance, legal, tax, or financial advice. Rules and products vary and change — confirm the specifics with a licensed professional.