The Pros & Cons of Long Term Care Insurance

Nursing home stays can easily run over $100,000 per year. That cost is a big source of fear for older Americans, 70% of whom will need some form of long-term care.

Long-term care insurance seems like a great answer. So why do only 3-4% of people have coverage?

TOPICS
(01:18) What is long-term care insurance?
(04:07) Difference between healthcare and long-term care
(06:56) Is the long-term care industry struggling?
(08:26) What does $165,000 in coverage buy?
(13:37) Mix of services getting more expensive
(18:36) Why not treat the end of life with respect?

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CareTalk is a weekly podcast that provides an incisive, no B.S. view of the US healthcare industry. Join co-hosts John Driscoll (President U.S. Healthcare and EVP, Walgreens Boots Alliance) and David Williams (President, Health Business Group) as they debate the latest in US healthcare news, business and policy.

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[johnyarbrough]

Dave Ramsey says the average nursing home stay is 2 1/2 years, not 1 1/2. Which is it? Is it more for women? That’s important to know when coming up with a plan. I’m a male and single. I don’t want to stay more than 1 1/2 years in a nursing home. They can overdose me after that and I’ll be fine with it. Quality of life is an Issue.

[michellemayone]

I'd love to hear the post Pod cast dialogue between these two. I can imagine something similar to the characters in the movie "Grumpy Old Men" or worse. 😅

[johnlongworth]

This guy makes his living consulting for healthcare businesses. I would rather hear from somebody on the side of consumers.

[hollisconant]

hell walgreens takes over a year to fill one prescrton and still not done

[jra]

Even when you have a policy, the process of getting a claim approved is cumbersome and complicated, especially for elderly people. I files a claim for my mother with John Hancock, which she was able to get via IBM when my dad retired (he passed away over 30 years ago). JH has been a pain in the ass because many of their representatives are not trained. I finally got it rolling, passed the waiting period and now are getting reimbursed per the terms of the policy.