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Long-Term Care Insurance and the Risk of Longevity

Financial service professionals help client manage risk, most obviously the risk of death and disability.  There is a less understood risk emerging that is going to face the aging baby boomers.  This is the risk of longevity and is a threat to even the best-laid financial strategies.

While baby boomers worry about outliving their retirement savings, longevity has other implications as well.  The older we get, the more likely we are going to need long-term care. The odds of needing long-term care increase with age, according to a 2007 report by the Health Insurance Association of America. The cost of this care can be staggering.

We are not even talking about just nursing home care. The cost of in-home care can drain retirement savings and change any plans for loved ones. Longevity poses risks and needs a strategy to hedge against this risk.

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