According to researchers at Georgetown University and Penn State University, over seventy percent of seniors in America over the age of 65 will need some type of long-term care in their lifetime, either at an assisted living facility or nursing home. However, according to a new study only a fraction of those people should be purchasing long-term care insurance, and the authors boldly claim that “individuals should not buy insurance.” So how should an elder decide if long-term health insurance is the right course of action?
Long-Term Care Insurance Study
According to the study published by Boston College’s Center for Retirement Research, only nineteen percent of men and 31% of women should purchase long-term care insurance. The reasons for this bold statement come from a variety of factors. In addressing the discrepancy between men and women, females are statistically likely to live longer so they are also more likely to need to purchase the insurance.