If you're a woman of the same age, it's 1 in 2. Those statistics should lead you to think hard about whether you want your assets to go to caring for your family instead of to medical bills. If so, you're probably going to want to investigate a long-term care policy. The good news is that the younger you are, the less expensive the premiums will be. And some premiums may be partially tax-deductible, too.
Most policies cover care in a nursing home, at home, or in an assisted-living environment.
Compare policies based on the amount of daily benefits. You'll find that some policies pay more for a stay in a nursing home than they do for home care, so if being at home is important to you, choose carefully. Also, be sure you understand when the insurance goes into effect. The policy will define the eligibility triggers , which is just the official definition of when you're no longer able to take care of your needs independently. The policy will also detail how long benefits will be paid out .