3248: Long-Term Care Insurance is a Waste of Money by Mike Ballew of EggStack on Wealth Preservation

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🗓️ 15 August 2025

⏱️ 10 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3248: Mike Ballew challenges the conventional wisdom around long-term care insurance by exposing how misleading statistics and industry practices inflate the perceived need for it. He presents a compelling case for self-insurance, showing how investing the equivalent of monthly premiums could offer better financial protection and peace of mind in retirement. Read along with the original article(s) here: https://eggstack.com/blog/2019-07-28-Long-Term-Care-Insurance-is-a-Waste-of-Money/ Quotes to ponder: "Only 25 percent of nursing home stays last more than a year, and only five percent last more than two years." "You can pay an insurance company $300 a month for decades and hope they’ll be there if you ever need them, or you can insure yourself." "If you don’t need it, you can pass it on to your heirs. Try doing that with long-term care insurance." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I've ruled out uni because I want to live at home.
0:02.0	I've ruled out uni because I want to earn money.
0:05.0	I've ruled out uni because of my grades.
0:10.0	Study with the Open University and there's no need to rule out anything.
0:13.0	With our respected degrees, you can learn from home and work alongside study.
0:17.0	We're open to all. Plus, you'll have the support of expert tutors. So rethink your
0:23.6	future with the degree you didn't think was possible. The Open University. The future is open.
0:30.6	This is Optimal Finance Daily. Long-term care insurance is a waste of money by Mike Ballou of Eggstack.com.
0:39.9	The case for long-term care insurance goes something like this.
0:44.8	70% of all Americans will need long-term care at some point in their lives, and the average
0:50.8	cost for a year's stay in a nursing home is $100,000.
0:55.6	Sounds pretty convincing, right?
0:57.8	So why is this article titled Long-Term Care Insurance is a Waste of Money?
1:02.7	Listen on and you'll find out.
1:05.5	Not everything is as it seems.
1:08.8	70% of all Americans will need long-term care at some point in their lives.
1:14.1	Really? 330 million people live in the U.S., yet only 1.4 million live in nursing homes. That's less than 1%.
1:22.8	So what gives? Are they lying to us? How can you explain the drop from 70 to less than 1%?
1:30.9	To answer that, a bit of insurance terminology is needed.
1:34.8	ADL is an acronym for activity of daily living. ADLs are everyday tasks like taking a shower
1:42.1	or brushing your teeth or getting dressed.
1:45.1	Disability is measured by the number of ADLs that a person cannot perform.
	...

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