“Is anyone among you sick? He should summon the presbyters of the church, and they should pray over him and anoint [him] with oil in the name of the Lord, and the prayer of faith will save the sick person, and the Lord will raise him up. If he has committed any sins, he will be forgiven.” James 5:14-15
The anointing of the sick is administered to bring spiritual and even physical strength during an illness, especially near the time of death. It is most likely one of the last sacraments one will receive.
The anointing of the sick conveys several graces and imparts gifts of strengthening in the Holy Spirit against anxiety, discouragement, and temptation, and conveys peace and fortitude.
The priest will pray and make the Sign of the Cross on your forehead and the palms of your hands using oil which has been consecrated for this purpose by the Bishop at the annual Chrism Mass.
Does a person have to be dying to receive this sacrament?
No. The anointing of the sick is not a sacrament for those only who are at the point of death.