“How To Self-Insure For Long-Term Care Health Expenses (2022),” by David John Marotta, Forbes

 

Quote:

“Each of us must make the decision either to self-insure for our long-term care or get long-term care insurance. Periodically, insurance salespeople have set up billboards suggesting that if your financial advisor does not recommend long-term care insurance you should sue them. However, we are not fans of long-term care insurance. … With 90% of people requiring 3 or less years of nursing home care, budgeting as though you will need three years of nursing home care should help ensure that you will have sufficient money set aside to self-insure your long-term care. It isn’t a guarantee, but nothing in life is.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Shame on Forbes for publishing such gibberish. The purpose of insurance is to replace the small risk of a catastrophic loss with the certainty of an affordable premium. Self-insuring in the hope your risk doesn’t exceed the average loss, as this author recommends, is foolish denial.