Insuring Your Health and Long-Term Care

Abstract

The issues of health insurance and health insurance coverage are controversial and politically charged, particularly given individual preferences about national health insurance vs. a private-payer system. The potential necessity for long-term care insurance, however, is not nearly as well-known or discussed. According to the US Department of Health and Human Services, individuals reaching the age of 65 have an approximately 40 percent chance of entering a nursing home and requiring chronic, custodial care. Candidates for long-term care suffer from chronic or disabling conditions that require nursing-home care or other constant supervision. The cost of this care can be expensive—even financially catastrophic—for many individuals and their families.