
The Two Pitfalls of Self-Insuring for Long-Term Care
Long-Term Care insurance typically involves underwriting and a lot of people are declined, which means these people have no choice but to self-insure.
Long-Term Care insurance typically involves underwriting and a lot of people are declined, which means these people have no choice but to self-insure.
Americans spend around $500 billion annually on Long-Term Care, the average length of stay is around three years, and people must spend down their assets to almost nothing before going on Medicaid.
A lot of people say they are going to self insure for long-term care, but don’t actually have a plan to do it. Many people are uninsurable, and their only choice is to self insure.
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