In my previous article, "Baby Boomers and Long Term Care Part I", we discussed why baby boomers should consider long term care insurance. With the rising cost of medical expenses, long term care expenses and much longer life expectancy, most of us are going to be faced with some kind of long-term care crisis. This article look at a couple of things in a little more detail. What is long term care and who needs long-term care insurance.

What is long-term care?

Long-term care is needed when a person can no longer perform the activities of daily living. The activities of daily living are eating, dressing, bathing, toileting, continence and transferring. These "ADL's" usually are caused by chronic illness, a disability due to aging or an injury. Long care insurance is also needed in the case of severe cognitive impairment. This includes Alzheimer's, dementia and other brain disorders.

Who needs long-term care?

Anybody could need long-term care at any point in their lives. Approximately 40% of people receiving long-term care are between the ages of 18 and 64.

1. More than half of the US population will require long term care at some point in their lives.5

2. More than half of the US population will require long term care at some point in their lives.5

3. One out of five Americans over the age of 50 is at risk of needing long term care in the next 12 months.5

4. For couples 65 and over, there is a 75% likelihood that one partner will need long term care.6

5. 60% of people over age 75 will need long term care and need care for approximately 3 years.7

6. There's a 68% probability that people age 65 and over will become disabled in at least two activities of daily living or of being cognitively impaired.8

When Should I consider getting long term care insurance?

Most experts agree that, for many of us, we should start looking into it in our mid 50"s. LTCi is like most insurances , it takes into account your age and current health condition. Also, there are big discounts and benefits if both you and your spouse sign up together.

In my next article, baby boomers and long-term care part three, we will look at the cost of long-term care without long-term care insurance.

Source:

1. Americans for Long-Term Care Security, http://www.ltcweb.org, August 2000.

2. The Wall Street Journal, June 2000. http://www.wallstreetjournal.com

3. Business Week http://www.businessweek.com

4. AARP. Beyond 50: A Report to the Nation on Independent Living and Disability, 2003. http://www.research.aarp.org