About 75 percent of people aged 65 or older will need to take advantage of long term care services, regardless of their race or economic background. Unfortunately, it seems only certain members of the population are taking advantage of the one thing that could best help them prepare for a long term care event — long term care insurance.

According to a new study by the Urban Institute, 10.7 percent (4.8 million) of adults aged 55 and older had long term care insurance coverage in 2008. While that percentage is small, it's nothing compared to the number of minorities with coverage; only 3 percent of Africans Americans and 2.4 percent of Hispanics in the same age bracket had private LTCI.

Coverage rates increased with income; for those with an annual income of $100,000 or more, 19.3 percent had coverage.

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