Is Long-Term Care Insurance Necessary?

June 14, 2012 12:00 AM " BOSTON (CBS) – Long-term care is a variety of services that includes medical and non-medical care to people who have a chronic illness or disability. Most long-term care is to assist people with support services for activities of daily living such as dressing, bathing, and using the bathroom. Long-term care can be provided at home, in the community, in assisted living facilities, or in nursing homes.

According to Genworth Financial’s 2012 Long Term Care Survey, the national average annual cost of a semi-private room in a nursing home is $73,000, with it costing over $117,000 here in Massachusetts and in Alaska; the same room goes for $274,000.

You may never need long-term care. This year, about nine million men and women over the age of 65 will need long-term care. They are predicting by the year 2020, twelve million older Americans will need long-term care. Most will be cared for at home; family and friends are the sole caregivers for 70% of the elderly. There are 1.7 million nursing home beds and only 1.5 million are currently occupied.

A study done by the U.S "

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