People are living longer in Washington, and this is a marvel of modern medical science. While having more time to enjoy our golden years is generally a good thing, it does come with some consequences. Namely, the fact that more Americans are living longer means that more Americans are going to need assistance with everyday activities like bathing, toileting, dressing, and cooking as they age. With many elders not wishing to be a burden on their families, more and more people are looking into long-term care facilities. However, these can be extremely expensive, which is making long-term care insurance more of a buzzword. But do you need it? According to AARP, you do not necessarily need long-term care insurance, but you do need some sort of a plan. 

One of the conundrums surrounding long-term care insurance is that it is essentially investing in a service that you may never need. There is no way to predict whether or not an individual will need to move into an assisted living center or hire a home aide at some point. However, it is important to consider your risk factors. For instance, if you have a family history of Alzheimer’s or other dementia, it is likely that you may need Memory Care at some point. This would make you a more likely candidate for purchasing a long-term care insurance plan, as this sort of care is very specialized and often very expensive.

Another thing to consider is your access to resources. If you have home equity, veterans benefits, or are using less than 4% of your savings to support yourself in retirement, you may not need long-term care insurance.