Why Many People Don’t Buy Long Term Care Insurance


I read two interesting articles on the same topic of Long Term Care Insurance and I wanted to share them.

One article was a MarketWatch article by Olivia S. Mitchell and Daniel Gottlieb and the other was a Forbes article by Howard Gleckman. See web links below to the full articles.

An estimated 7 in 10 people will need Long Term Care after they reach age 65, and it will be costly when they do. Yet others will need Long Term Care insurance at even younger ages due to illness or injury. However even so, most people refuse to buy Long Term Care insurance in advance while they are still healthy and at an age where it is less expensive.

One of the main reasons why they don’t purchase Long Term Care insurance is that it can be very expensive. Many people incorrectly assume that they will qualify for government assistance for nursing home care or that their Medicare Supplement insurance will cover their long stays. There are rules in place to disqualify many people who don’t meet the strict conditions required in order to qualify for government assistance.

Another reason that many people decline to purchase Long Term Care insurance is that they feel it has no real value if they don’t end up needing long term care in their lifetime. However according to the MarketWatch article they are looking at Long Term Care insurance in the wrong way. "Instead of looking at long-term-care insurance primarily as financial protection, many people think of it as an investment — and a bad one at that. They see the premiums as money that would be wasted if the policy owner ultimately doesn’t need long-term care. They don’t think about the catastrophic losses a policy could help them avoid."

However nowadays there are other options other than just “traditional" Long Term Care insurance, that can include being able to get your premiums returned if you don’t use the Long Term Care insurance, or you can leave money to a beneficiary in case you pass away before using the Long Term Care insurance, etc.

Click on the web links below to read the full articles:



Related article:


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