Current spousal impoverishment laws protect a limited amount of a couple's assets. At the time of admission to a nursing home, a couple's combined assets, excluding a house, car, and personal belongings, are considered available assets for long-term care. A frequently cited statistic is that at age 65 you have two chances in five of entering a nursing home at least once during your lifetime. However, almost half of all nursing home admissions are for short stays, and your chance of staying more than a year in a nursing home for which an insurance policy would pay is one in four. You have only one chance in 10 of staying more than five years.
Some companies offer a lifetime benefit.
Be careful not to buy too much. Remember that you have less than a 10 percent likelihood of staying in a nursing home for more than five years. The premiums for long-term care insurance are level. This means that the company cannot raise your premiums unless all policies for a class of policy holders are raised. However, the company can, and probably will, raise your premiums.