Long-term care insurance is designed to protect against the rare but extremely expensive risk of extended nursing home care, which represents a 'tail risk' - a low-probability event with potentially devastating financial consequences for those who experience it.
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Long-Term Care: Risk or Reward?Added:
What is the median long-term care expense?
Zero. Okay. So, did you hear that? Like, long-term care insurance is not because most people end up in a nursing home. Long-term care insurance is to protect you against a very expensive long-term nursing home visit.
>> So, this is what you were saying, you know, it's a classic tail risk, but if you are unfortunate to be in that situation, it's a significant risk.
Right. So, then it becomes how do you insure that that risk?
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