... I wasn't comfortable with the idea that LTC premiums could jump in an unrestricted manner... It would suck to pay in for 10 years or more than have the premiums triple and be unaffordable.
I had already taken out an LTC policy 5 or 6 years ago before I knew about this forum ....
I might not have done it had I read some of the opinions on here.
I'm glad that at least I decided to go with a "pay-premiums-for-10-years-and done" plan, and I am already 6 years into it. It's one of those "state partnership approved plans" here in Indiana, so at least I get to deduct the premium from my state income tax every year. So far, there haven't been any rate increases ... but I hold my breath every year, and I fully expect at least one increase within the next 4 years before I'm done paying into it. But at least after that, they can't raise my premiums any more.
At the time, it sounded like a pretty good deal (comparatively) - it would pay $5K/month, unlimited payout, with a 5% yearly compounding. I'm currently paying just under $8K/year for the 10-year pay, and as I mentioned, have 4 more years to go.
The policy is with Genworth - they stopped offering this particular policy less than a year after I signed up for it (I think most of their policies are now limited to 4 years maximum, rather than unlimited payout).
BUT ... after I found this forum, I found Nords' nightmarish account of what he had to go through in actually trying to COLLECT on an LTC policy when his father had to go into a nursing home, so I have very little hope that I'll ever actually be able to use the policy. I'm single, no kids, so I don't have anyone like Nords to be an "advocate" when I get to the point of not being able to do that for myself ... will have to rely on an attorney or someone like that I suppose.