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Thursday, January 22, 2015

How to Know if Long Term Care Insurance is Right For You?


About 70% of individuals 65 and older will need some kind of long-term care—whether at home or in an assisted-living facility or nursing home, that's according to researchers at Georgetown University and Pennsylvania State University. But how many of them should really need to have long term care insurance?

To assess the odds of needing long-term care, the researchers used government data to “calculate monthly probabilities of transitioning among various health states” from age 65 on. The data show that 44% of men and 58% of women will spend at least some time receiving nursing-home care.

However, many people spend only short spells in nursing homes. Government data show that, on average, men who require nursing-home care spend an average of less than a year in such care over their lifetimes. For women, the figure is about one year and four months.

See the original article here:
http://blogs.wsj.com/totalreturn/2014/12/23/is-long-term-care-insurance-for-you/