Matt McCann, a nationally known expert and speaker on long-term care issues said that the November Consumer Reports article is very misguided and contains information that is just not true. Phyllis Shelton, author of Long-Term Care: Your Financial Planning Guide (Kensington Books, April 2003) says the article shows again the political motivations of the Consumers Union,the publishers of Consumer Reports. The Consumers Union and Consumer Reports want a national health care system and their article has very little to do with the truth.
Reports says Long-term care insurance is expensive, unreliable and generally lousy — according to a new study by Consumers Union. Despite that assesment they suggest you might want to buy some anyway. The facts are that the insurance is not very expensive, very reliable and supported by both federal and state government and financial advisors.
Insurance of any kind is one of the few products, if not the only one, you hope you never use. You don’t have auto insurance with the hope you will crash into a tree. You don’t have homeowners with the hopes a tornado will wipe you out. You won’t have health insurance hoping you have an operation. You do, however, want to transfer the risk because holding onto the risk yourself could wipe you out. Even though most of those risks are “low”, you still want to transfer the risk, ” said Matt McCann an Illinois based specialist in long-term care.
Responses to 'Consumer Reports article on long-term care insurance “out of touch” with reality.'