Do retirees need long-term care insurance?
Health care costs are a big concern for people going into retirement, but the costs of long-term care can still be a shock.
Here are a few facts:
• 70% of people over 65 will need some form of long-term care at some point.
• For married couples, the chance that one spouse will need long-term care rises to 91%, says Byron Udell, CEO and founder of AccuQuote.com.
• People living alone are more likely to need some sort of home health care.
• Women outlive men, and thus, are more likely to live alone and need some sort of home health care.
So, while some financial planners previously were on the fence about long-term care insurance, they were still encouraging people to at least have a plan for long-term care.