Long-Term Care Insurance-Should I Self-Insure?

A common question I get in the long term care insurance world is: "Should I just self insure?"

The answer is simple, just look at the wealthiest people in the world and you will find they are insured to the max most of the time. The reason being it's better to spend pennies to protect dollars.

According to the U.S. Department of Health and Human Services, at least 70% of people over age 65 will need some long-term care services at some point in their lives. This underscores how financially vulnerable people will be without a carefully considered Long-Term care plan.

Long term care insurance is a smart idea simply because people are living longer these days and the potential risk is $100K/yr in many areas of the country.

Preparing for the potential need for LTC clearly makes sense, especially if it can help protect existing assets at the same time. Even if a particular individual could afford to self-fund a private room in a nursing home at $74,825 per year, the question remains–does that really make the most sense? Or is it more sensible to leverage those assets so the individual can enjoy them by passing them on to beneficiaries or to a favorite charity?

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