2016: Long-Term Care Insurance is a Waste of Money by Mike Ballew

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🗓️ 2 September 2022

⏱️ 10 minutes

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Summary

Mike Ballew of Eggstack shares his thoughts on why long-term care insurance is a waste of money. Episode 2016: Long-Term Care Insurance is a Waste of Money by Mike Ballew Mike Ballew is a 56-year-old engineer turned blogger who reached a point in life where he sees things more clearly than ever before. He faced financial challenges and overcame them through hard work and determination. His blog helps others navigate their personal finances and plan for retirement. The original post is located here: https://eggstack.com/blog/2019-07-28-Long-Term-Care-Insurance-is-a-Waste-of-Money/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 2016.
0:04.3	Long-Term Care Insurance is a waste of money by Mike Baloo of Eggstack.com
0:10.6	and on your host and personal finance enthusiasts, Diana Mariam.
0:15.0	We're going to jump right into today's post as we optimize your life.
0:23.2	Long-Term Care Insurance is a waste of money by Mike Baloo of Eggstack.com
0:30.3	The case for long-term care insurance goes something like this.
0:34.6	70% of all Americans will need long-term care at some point in their lives.
0:40.0	And the average cost for a year's stay in a nursing home is $100,000.
0:45.8	Sounds pretty convincing, right?
0:47.8	So why is this article titled Long-Term Care Insurance as a waste of money?
0:52.8	Listen on and you'll find out.
0:55.4	Not everything is as it seems.
0:58.8	70% of all Americans will need long-term care at some point in their lives.
1:04.0	Really? 330 million people live in the US.
1:08.0	It only 1.4 million live in nursing homes.
1:11.5	That's less than 1%.
1:13.4	So what gives?
1:14.6	Are they lying to us?
1:16.3	How can you explain the drop from 70 to less than 1%.
1:20.9	To answer that, a bit of insurance terminology is needed.
1:24.8	ADL is an acronym for Activity of Daily Living.
1:28.9	ADLs are everyday tasks like taking a shower or brushing your teeth or getting dressed.
	...

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