5. Insuring Your Health and Long-term Care

The issues of health insurance and health insurance coverage are controversial and politically charged, particularly given individual preferences about national health insurance versus a private-payer system. The potential necessity for long-term care insurance, however, is not nearly as well known or discussed. According to the U.S. Department of Health and Human Services, individuals reaching the age of 65 have an approximately 40 percent chance of entering a nursing home and requiring chronic, custodial care. Candidates for long-term care suffer from chronic or disabling conditions that require nursing home care or other constant supervision. The cost of this care can be expensive—even catastrophic—for many individuals and their families.