Deciding between long-term care insurance and self-insuring depends on risk tolerance, net worth, and potential care costs. Nursing home care can exceed $100,000 annually, making self-insuring impractical for those with under $500,000 in assets. Insurance suits those with $500,000 to $2–3 million in assets, while high-net-worth individuals may self-insure by setting aside dedicated funds. Hybrid life-LTC policies offer a middle ground, and couples should consider home adaptability or downsizing to manage care costs.