Lustig presents a persuasive argument in this article in favor of long term care insurance, while debunking the three common reasons given for not buying long term care insurance. In breaking down the faulty logic of these excuses, he illustrates how smart investing in LTC ultimately is, and how it's much less of a gamble than sometimes believed. He begins by countering the argument that Long Term Care Insurance is too expensive.
The only instance in which this may hold a grain of truth would be if you ended up not needing your policy. Unfortunately, however, this could entail a sudden death or something similiarly unpleasant. Even if you lived an exceptionally healthy life, many will need care at some point, and all will need the funds to cover that care as well. Like he mentioned,
some 83% of those with Long Term Care Insurance said they could not have afforded the care without the insurance policy.
This coincides with his second attack against the "this will never happen to me" mentality. Statistically, most of us will need some sort of care. And if you don't want to admit that you will need care, you're essentially ascribing to the other route of a sudden, unplanned for death. I'm not sure about you, but I would much rather have the peace of mind that I will live a long, healthy life and may eventually need care, versus banking on having a peaceful going out in my sleep. Even if you do put forth a significant investment in LTCi and don't get to cash in your chips, it still seems like the peace of mind would be well worth it.
Lastly, he refutes the passive myths that one doesn't need Long Term Care Insurance because the government will pay for you. However this only holds true if you are under a certain financial bracket (i.e. have no assets left). Nonetheless, while the government can provide some relief but you must be broke, I'm of the mindset that one should take a personal, proactive approach and account for your own needs as much as possible, without reliance on qualifying for some criteria of another institution. Lustig also includes a helpful breakdown of the four types of Long Term Care Insurance policies available in California currently : Traditional, Partnership, Annuity Based, and Life Insurance Based. Each has its own set of pros and cons that must be weighed per individual's needs.
Reviews of each company's financial stability ratings, claims experience, and size.
A side-by-side comparison of each company's policy features. We cover the similarities and the differences.
Price comparisons customized to suit your specific needs from top carriers such as Genworth, Transamerica, John Hancock, New York Life, MassMutual, Mutual of Omaha, and more.
