A professor of health and economics debates a nursing home reform advocate about the pros and cons of buying long term care insurance. My conclusion is that the people with minimal savings do not need it nor do those without children. If people can afford it, they should buy it. Annual premiums cost $3,500 which is less than a month in a nursing home. I am inclined to spend $3,500 to save $80,000 – $100,00 per year. However, I do understand the hesitation to write a $3,500 check.