How Long Will You Need Long-term Care?

When trying to choose a long-term care insurance policy

, people often wonder how long they are likely to need long-term care. The truth is, however, that there is no set answer to this question, and thus no real way to determine how much care you will need in your lifetime. This can be frustrating, especially when you consider the fact that many policies specify that they will only offer coverage for a set period of time. The best you can do, in these circumstances, is to opt for as much coverage as you can afford. Furthermore, it is also a good idea to take into consideration the average amount of time for which people like you will require long-term care.

For example, a person aged 65 will likely need long-term care for a period of at least three years. Generally, the length of time care is needed is greater for women than it is for men The average woman will require care for around 3.7 years, while a man will generally require care for about 2.2 years. Keep in mind, too, that only one-third of people over the age of 65 will get by without ever needing long-term care. Unless youre willing to take such a huge risk with your health and your life, this means its extremely wise to get some kind of long-term care insurance. In fact, 20% of elderly individuals will end up requiring care for more than five years!

In addition to considering how long you will need care, you should also think about what kind of care you will most likely require. Many policies dictate which kinds of services can be paid for by the policy. Since the majority of people receive in-home care rather than care provided in facilities, its always wise to make sure your policy covers in-home care. Common types of care, both in the home and outside the home, include assistance from an unpaid caregiver, in-home services from a health-care practitioner or therapist, adult day care services, private and public nursing home or rehabilitation center care, and care in assisted-living facilities.

When it comes to in-home, unpaid care, such as from a friend or family member, about 59% of people age 65 and over will receive this type of care, usually for a period of about one year. Slightly fewer elderly people, approximately 42%, will need paid in-home care, generally for less than a year. Paid in-home care can get quite expensive, and unpaid in-home care can be a real burden and stress on a family. With so many people relying on these types of care, it is imperative that your insurance coverage provide for them.

Some people, as mentioned above, will need out of home care in their lifetimes. This type of care is even more expensive, and thus should always be provided for by the policy as well. 35% of the elderly will require nursing home care for at least a year, while 13% will require assisted-living care for slightly less than a year. To top it off, a whopping 37% will need some kind of out-of-the-home care for at least a year. Keep these facts in figures in mind, and choose your policy wisely!

by: Patrick Boswell

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