"About 2 in 3 people over the age of 65 will need long-term care during their lifetime. Whether it’s assistance in the home or assisted living, many of us will require services that aren’t covered by Medicare and that can quickly add up into the hundreds of thousand of dollars."
"However, long-term care insurance has turned out to be a problematic product. Even if the premiums are reasonable, all too often beneficiaries discover that insurance carriers are slow to acknowledge or pay claims. In many instances, the fine print creates exclusions or conditions that exasperate people when they eventually seek reimbursement. Many other policyholders have learned the hard way that premiums can rise dramatically. What began as a reasonably priced policy can become expensive, especially for retirees on a fixed income"