Years from now many Baby Boomers will need help with the daily stuff of life, like dressing, bathing, eating or remembering to take medication. Regular health insurance, including Medicare, doesn't pay for help with these "custodial care" tasks, except in limited circumstances. Long-term care insurance does.
It's surprising that so many people have the wrong idea about the need for long-term care. In a seminar yesterday, I asked a room of older adults, How many believe you will need long-term care? A recent study by Genworth Financial found that 33 percent of individuals believe they will, while 66 percent believe they will not.