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It's estimated that 51% of women and 39% of men age 65 and older will need some form of paid long-term care during their lifetimes.
The national median cost of a private room in a nursing home is about $129,575 per year, and people who need long-term care typically require it for 3.2 years (women) or 2.3 years (men).
If you end up needing care, there's a chance it could pose a big risk to your retirement savings.
Long-term care insurance is one way to help protect yourself from those expenses.
Here's what it is and how much it could cost.
Long-term care insurance can help you pay for a nursing home, in-home aid, assisted living facility, and other services if you can't care for yourself on your own due to age, illness, injury, or a cognitive condition.
Health insurance helps you pay for the cost of medical treatments, but long-term care insurance helps cover custodial care, which is the day-to-day assistance you could eventually need as you age.
Long-term care insurance can help pay for care in a variety of settings (not just nursing homes).
Depending on the policy, covered services may include: In-home care(help with bathing, dressing, eating, moving, preparing meals, and other daily tasks) Assisted living facilities(where you live in a residential community that allows you to maintain some independence) Nursing home care(where you receive around-the-clock skilled nursing and personal care) Memory care services(for those with Alzheimer's disease or other forms of dementia) Adult day care(these are supervised daytime programs that provide meals, activities, and personal care when family caregivers need a break) According to the American Association for Long-Term Care Insurance, 43% of married adults and 51% of unmarried adults age 65 and older will require paid long-term care during their lifetimes.
Women are also more likely than men to need care and to need it for longer.
That doesn't mean everyone should buy long-term care insurance.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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