With the aging baby boomers in the United States approaching 80 million in population, long term care is becoming a very important issue in here in the United States. As seniors continue to live longer, millions will face the reality of needing and having to find long term care services at some point in their lives, generally in their later years and due to illness.
Long term care insurance provides the safety net to pay for long term care which covers a broad spectrum of health services including nursing home care for those with full time needs, to adult day health care and assisted living centers, to at home nursing care. With the costs associated with each type of care greatly vary, they can add up very quickly and without insurance can wipe out your savings and assets. In just a few short years, families can deplete their retirement as they pay for a parents increasingly expensive long term care out of their own savings and income.