The older you are, the greater the chance you'll have a medical event that requires long-term care, or that you'll develop a health issue that will keep insurers from approving your policy application. People typically buy long-term care insurance when they’re in their 50s or they are reviewing their retirement plan with their financial advisor. At that point in your life, explains Tom Ewanich, vice president and actuary at Fidelity Investments Life Insurance Company, "you're old enough to think seriously about long-term care and there are advantages to making the decision at this time rather than putting it off until later.

No one really likes to think about needing long-term health care services. But the reality is that each year, an estimated 12 million Americans need some type of long-term care to assist in performing everyday tasks like eating or bathing.

Are you prepared? According to the Department of Health and Human Services, the average use of long-term care services is three years.

Long-term care expenses are a key risk to your retirement plan, and you need to plan for them. If long-term care is needed, it will affect you and your caregivers financially, physically, and emotionally. Having a plan to address these concerns is critical to easing the burden on you, your family, and your friends. Indeed, 56% of family caregivers have children under the age of 18.

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