Most nursing home doctors are not gerontologists. It is puzzling why Dr. Marcinko focuses on nursing homes when discussing LTCI. Less than 10% of long-term care is provided in nursing homes. Most care is provided in private homes or assisted living facilities, and is covered by LTCI.
Medicaid, Medicare and managed care reimbursements to nursing homes are declining. LTCI provides fund to avoid reliance on government programs.
Insurers have precious little claims experience with untested products. The LTC industry has paid over $15 billion in benefits.
LTCI commissions are hefty and not transparent to the buyer. LTCI, like any product, including medical services, is sold on its merits, and bought on perceived value, not the profit margin earned by the seller.
Dr. Marcinko suggests investing to cover the cost of a potential average stay of two to three years. This is akin to investing for the average auto accident (probably mostly dented fenders) or average home claim (probably hail or theft), but not for a serious collision or the house burning down.
Dr. Marcinko should stick to practicing medicine, while I do similarly with LTCI insurance sales, and for the sake of others, never should the twain cross.
Gerald Carson
Long-Term Care Insurance Specialist
Las Cruces, N.M.
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