With the country deep in a nasty recession, it should come as no surprise that new statistics show roughly 64% of those soon to retire won’t have enough money saved to maintain their lifestyles.

When you retire, you have expectations of being able to do pretty much what you want to do. But what if you don’t have enough money to do that? What if your standard of living dropped instead, to a level you never imagined was possible?

If you don’t have medical issues, things might be just dandy. However, with the advent of better technology, we are living longer. Living longer may well mean some type of long-term care. While this may be a reality, there are a lot of couples that are not prepared financially to pay that kind of expense out of their pockets. This is where long-term care insurance comes into the picture.

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Long-term care insurance is intended to reduce out-of-pocket costs if someone winds up needing long-term care from a paid provider. Long-term care insurance can pay for a nursing facility or home care, and many policies also cover assisted living, though no policy will pay the full cost of any of these. People usually pay premiums for 20 or 30 years before reaching an age when long-term care is likely.

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