“Would I be better be better off investing in a mutual fund each month, rather than paying long term care insurance premiums?”

Well, it really depends on the amount of your savings, your general health, your personal situation with regard to family and your tolerance for risk.
If you are quite wealthy, you may be able to pay for care by liquidating your property & investments, but if these are intended for passing on as an inheritance, then you won’t want to drain off your estate for care.

If your current health makes you uninsurable, then coverage is out.

If you have family, then long term care insurance is more important in order to protect them from financial & caregiving burdens.

If you want to play it safe, then insurance is a must. Investment always means risk, so insurance is much more prudent.

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