a) According to AARP, 68% of people reaching age 65 are likely to need long-term care.

b) Most people buy LTCi in order to stay in their own homes as they age.

c) People who do NOT have LTCi are 50% to 100% more likely to end up moving in with their working-age children.

d) People can end up in a nursing home because their family caregivers "burn" out.

e) Even if you are married now, by the time you need care, you might well be living alone.

a) Do you have long-term care insurance for yourself?

b) Does your spouse/partner have long-term care insurance?

c) Do your parents have long-term care insurance?

d) Do your in-laws have long-term care insurance?

a) To be closer to my family.

b) To continue my avocations/hobbies.

c) To eat what I want, when I want.

d) To bathe when I want, how I want.

e) To continue practicing my faith at my local place of worship.

f) To continue to utilize my current doctor.

g) Because my memories are here.

h) Because I don't want to feel abandoned in a facility.

i) Because I don't want children/grandchildren to feel obligated to visit me in a nursing home.

j) Because I'd rather have grandchildren visit at my house and have memories of its nooks and crannies and playing in the yard.

a) 15% of our senior population is clinically depressed, but 40% of seniors who are primary caregivers are clinically depressed.

b) Most children who are primary caregivers are clinically depressed.

c) 1/3 of caregivers need more acute (normal, not LTC) medical care as a result of being a caregiver.

d) Caregivers are more likely to need future LTC themselves than an otherwise-identical group of non-caregivers.

e) Caregivers die sooner than an otherwise-identical group of non-caregivers.

a) I'd like to rely entirely on my family to provide my care.

b) Commercial caregivers can be important to supplement when caregivers can't be present.

c) Commercial caregivers could advise my family how best to take care of me.

d) The best care is generally a combination of commercial care-giving and family care-giving at home.

e) At home, my family and I could have more control in selecting caregivers and arranging for continuity than if I was in a facility.

f) With a mixture of family and commercial caregiving, I can get more attention at home than in a facility that has 8 residents for each worker.

g) For whatever reason, I prefer that my family be minimally or not involved in my care.

h) If I was living alone and needed LTC, I'd rather move into a facility.

i) If I was living alone and needed so much LTC that I could not go shopping or to church, could not visit friends and family, and could not take care of my home, I'd rather move into a facility than find a stranger to live with me or move in with my children.

a) I'm afraid that I could not afford my care for long. (Home care costs more than $55,000/year assuming that your family takes care of you except when they are at work. Nursing home average $76,000/year for a private room and $68,000 for a semi-private room.)

b) I would be concerned about out-living my assets, hence would be reluctant to spend money for care.

c) To save money, I would be likely to use less home care than I might like.

d) To save money, if I needed to enter a facility, I would be likely to pick a less expensive facility than I might like. (Nursing home costs vary significantly within a community.)

a) People can need care a long time, but insurance data suggests that fewer than 5% of LTCi claims use up a 5-year benefit period. You can save 33% if you buy a 5-year benefit period instead of a policy that would keep paying no matter how long you need care.

b) Insurance agents may suggest a maximum daily benefit equal to the cost of a private room in a nursing home. However, most people won't get care in a nursing home and most people could pay for part of their care. If you buy $150/day coverage instead of $200/day coverage, you save 25% of the cost, but give up less than 25% of your expected benefits because you might use less than $200 anyway.

c) Your maximum LTCi benefits can be set to increase 5% each year without corresponding increases in price. So a very healthy 55-year-old couple might pay less than $3500/year combined for LTCi that could pay nearly $800,000 to EACH of them for claims starting at age 75 or over $1,000,000 for claims starting at age 80. (If you prefer, your benefits can increase according to the consumer price index.)

d) It is much better to buy while young. With 5% annual increases, the maximum benefit of your LTCi policy after 20 years will be 265% of its initial value. Hence, if a 45-year-old waits until age 65 to buy and nothing changes (policies have the same cost, she has the same health, etc.), her price will be more than 5 times as much. Within 5 years, she'll have paid more money than if she had started earlier and she'll keep paying 5 times as much each year thereafter.

e) It is important to buy while healthy. A stroke, heart attack, or accident at a young age could require care. In addition, a stroke, TIA, cancer, etc. could suddenly make you uninsurable. Thirdly, a change in weight or developing diabetes, osteoporosis, arthritis, sleep apnea, or joint problems could raise the cost of insurance UNLESS you already have your policy.

f) You can save money by buying while married or buying a policy whose price will drop if you marry.

g) You and your spouse can share your combined benefits, so if one of you needs care a long time, that person can dip into the other person's benefits.

a) To reduce the emotional burden I might otherwise place on my family.

b) To reduce the financial burden I might otherwise place on my family.

c) To enable my spouse (if any at that time) and my children to spend more time with my grandchildren, jobs, avocations, and community service.

d) To protect my assets and income so that my children could inherit my house and/or money.

e) To protect my assets and income so that I could leave more money to my favorite charities.

f) To have more control over the care I receive.

g) Within the next month or two.

h) Within the next year.

i) More than a year from now; remind me in the future.

a) I am more worried about a catastrophic situation than a more normal length of needing LTC.

b) I would be willing to pay significantly more so that my heirs could get my premiums back if I never needed care.

c) I believe LTC costs won't inflate by more than 3% per year.

d) I believe LTC costs won't inflate faster than the consumer price index.

e) I believe LTC costs will inflate more than 5% per year.

f) I'm willing to cover 20% or more of the cost of care myself.

g) I like the idea of sharing benefits with my spouse.