O—Long-Term Care

Planning for long-term care is an integral part of retirement and financial planning. Long-term care consists of a continuum of services including nursing home care, assisted living, home health and adult day care. The need can arise from an accident, illness, or advanced age.

THE RISK. Statistics make a very good case for long-term care planning. For example, a 65-year-old woman can expect to live another 20.1 years, and a 65-year-old man can expect to live another 16.8 years. According to the U.S. Administration on Aging, 70 percent of people attaining age 65 will need some form of long-term care during their lifetimes. During these years it is estimated that the risk of entering a nursing home is approximately 50 percent.