I've been hearing about long-term care from my parents since my sister moved out two years ago. They'll have to let me finish college before buying it, however. What is the purpose of long-term care insurance? Do my parents need to buy it?
The purpose of long term care insurance is to pay for your long term care while protecting your assets. This is highly recommended to people who have high risk factors or family history. People who will most likely receive care should purchase this as early as possible in order to avoid the soaring cost of coverage and care. Another reason why people should buy this is is because of the much longer life expectancy today. Statistics would show that about 70% of people who are 65 years old will need long term care. This is obviously high and alarming. For me, this is enough to encourage people to prepare for their future and buy insurance for long term care.