Reply to Long-term care insurance?

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Reply to "Long-term care insurance?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Shop around, but don't jump on anything until you thought it through.

Insurance by it's very nature is a SCAM. It wouldn't exist if it wasn't a scam. Same as casinos and gambling. They must always come out ahead in profit overall when the books are balanced. Any losses with one claim must be compensated by overcharging everyone else.

Scams. And they have had decades to learn how to scam better.

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Look I get what you are saying, especially when it comes to low scale insurance like insuring your cell phone from damage. But the basics of insurance are to transfer low probability, high cost risk (like home burning down) onto a broad array of people, so it's much lower impact per person, and pay them a small premium for it.

It's very sound economically when used to insure against low probability catastrophic losses.[/quote]

Most pay out only $100-200/day and don't kick in until 90 days.  They end after 2 years.  Well most advanced care costs $300-400.  After 2 years, you have nothing more to get.  But if you have dementia, you could spend well over 2 years in high level care.

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