Olivia S. Mitchell, Professor of Insurance/Risk Management and Applied Economics/Policy, and Executive Director of the Wharton’s Pension Research Council at the University of Pennsylvania, shares why she dropped her supplemental term life insurance in favor of long term care insurance.
- “…While it is difficult to find and expensive, going without felt much scarier. One year of nursing-home care in Pennsylvania, where I live, averages $100,000+; home health care can run $50,000 annually.”
- “…Don’t forget, a majority of people over age 65 will need nursing coverage at some time in their lives.”
- “…While you might not need LTC insurance at age 30, don’t wait too long, either.”
Read the full Wall Street Journal article here