The likelihood of individuals needing long-term care increases as a person ages. While it’s challenging to provide an exact percentage, various studies and statistics can offer insights into the chances of people over 65 needing long-term care. Here are some key points to consider:

• Age-related risk: As individuals advance in age, their risk of developing chronic health conditions and disabilities rises. According to the U.S. Department of Health and Human Services, about 70% of people turning 65 can expect to use some form of long-term care during their lives.
• Gender differences: Women generally have a higher likelihood of needing long-term care compared to men due to factors such as longer life expectancy and higher rates of chronic conditions.
• Disability rates: The risk of needing long-term care increases significantly for individuals with disabilities. The National Academy of Sciences estimates that around 37% of adults aged 65 and older have at least one disability that could require long-term care.
• Family history: Genetic factors and family medical history can influence the probability of needing long-term care. If a person has a family history of chronic conditions or disabilities requiring long-term care, their likelihood of needing such care may be higher.
• Independence and lifestyle factors: Healthy lifestyle choices, preventive health care and maintaining independence through physical activity can reduce the risk of needing long-term care.

Long-term care insurance is highly important for individuals seeking financial protection against the costs associated with extended care services. As people age, they face assistance with activities of daily living or nursing home care. Long-term care insurance helps cover these expenses, which can be substantial and potentially deplete one’s savings.

Long-term care costs can be significant and pose a financial burden on individuals and their families. This insurance helps mitigate the risk of exhausting personal assets or relying on government assistance programs. Traditionally, long-term care insurance policies have not always come with premium guarantees. Insurers may reserve the right to increase premiums over time due to various factors, such as changes in claims experience, interest rates or overall policy performance. Premium increases can be implemented on a classwide basis, meaning that all policyholders within a particular class or group may experience the same increase.

However, some insurance companies offer policies with premium guarantees. These guarantees can take different forms, such as level premiums that remain fixed throughout the life of the policy or premiums that can only be increased under specific circumstances outlined in the policy.

When considering long-term care insurance, it is essential to carefully review the policy documents, including the terms and conditions related to premium guarantees. Pay close attention to any limitations, exclusions or potential for future premium increases. It’s advisable to consult with an insurance professional or financial advisor who can provide guidance tailored to your specific needs and circumstances.

Long-term care insurance is crucial for securing financial stability and peace of mind in the face of potential long-term care needs. It helps individuals protect their assets, maintain independence and make informed choices about their care options, ultimately ensuring a more secure future for themselves and their loved ones.

Lyle Boss, a native Utahn, is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management. Boss Financial, 955 Chambers St., Suite 250, Ogden, UT 84403. Telephone: 801-475-9400.

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