Long Term Care Insurance

Who May Need Long Term Care Insurance?

Predicting who will require long-term care—and for how long—is difficult without certainty.

However, statistical data provides valuable insight into populations that are more likely to need

long-term care services.

 A study published in The New England Journal of Medicine (1991) reported that of the

approximately 2.2 million individuals who turned age 65 in 1990, more than 900,000

(43%) were expected to enter a nursing home at least once during their lifetime. The

same study indicated that among individuals who reach age 65, approximately one in four

will spend one year or more in a nursing home.

 Research shows that the likelihood of requiring nursing home care increases with age.

Among individuals who live to advanced ages, the probability of institutional care is

comparable for both men and women. Approximately 62% of severely impaired women

age 85 and older reside in nursing homes, compared to 58% of severely impaired men in

the same age group.

 Women are statistically more likely than men to require nursing home care for extended

periods. Studies project that 13% of women will spend five or more years in a nursing

home, compared to only 4% of men.

 Overall, the risk of needing nursing home care continues to rise as individuals age.

It is important to note that individuals who already have certain medical conditions that are likely

to require long-term care—such as Alzheimer’s disease or Parkinson’s disease—may not qualify

for coverage. Insurance carriers apply medical underwriting standards to help maintain

affordability and manage risk. Without such standards, many individuals might delay purchasing

coverage until care is needed, significantly increasing costs across the market.