I don't remember who it was on this forum who posted a link to an earlier article by Darrow Kirkpatrick quite awhile ago, but I'm eternally grateful to them. He writes with rare clarity and good humor, and this just-concluded two-part series on the plusses and minuses of Long Term Care Insurance is as good an illustration of his style as anything:
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The key takeaway from this. LTCI isn't "insurance" against really long term care expenses. It's more like a side bet that pays off if you do need care for about the length of time in the policy maximum, but then you still have to pay for care yourself after that. It's a very complex product and most policies allow the premiums to rise so it's very hard to estimate the cost, and the benefits depend on future health so it's very hard to estimate the benefits.
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