Most Seniors Will Need Long-Term Care. Here’s How to Save for It,” Barron’s

“Imagine you knew that 80% of the homes in your neighborhood would eventually suffer damage in a storm—but less than 4% of them had insurance that would protect them against a potentially catastrophic expense. This lopsided risk scenario is similar to how unprepared Americans are when it comes to long-term care. A 2021 report by the Center for Retirement Research at Boston College found that around 80% of 65-year-olds will need some measure of long-term care and support services in their later years. Yet only 3.1% of Americans have a long-term care insurance policy, according to LIMRA, a trade group.”


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

I marvel at the ignorance and naiveté of writers on this topic. Are Americans so stupid that they ignore this lopsided risk scenario? No. Americans are right and the experts are wrong. What Americans have figured out that the experts have not is that they can safely ignore LTC risk and cost because government pays for most catastrophic LTC expenses if they occur. As long as that condition continues, marketability of LTC insurance will languish. Our new study for the Paragon Health Institute—“Long-Term Care: The Solution”—explains what must be done to fix this market.