....Using LTC, you are subject to their review regarding what is covered and what the daily cap is. My MIL/FIL recently had to use theirs, and it only covered 60% of what they were spending
Yes, but if someone handed you a billing for $100,000, and said "But your responsibility for paying is only $40K", you would probably think you've gotten off pretty easy.
Nobody offers to pay 60% of your mortgage. Or your car loan. (if they do, I want to meet them, ASAP!)
People seem to have forgotten
the principle of risk applies equally to insurance as well as investing. Insurance is NOT to eliminate all your financial risk. It is to
MITIGATE it.
That is the cost-versus-benefit ratio which every individual has to weigh for themselves on a periodic, ongoing basis. You might need more homeowner's insurance than you did 15 yrs ago. Or change jobs and have a higher disability insurance risk.
Every time you buy a car, the carrier reassesses your premium. They are
estimating your new risk profile.
LTCi is simply another part of your risk profile. It has never been recommended for people with substantial liquid assets or high net worth (although I know several who have bought it anyway).
We bought it because if one of us needed Skilled Care for any substantial length of time - that high morbidity risk, remember? - it would substantially reduce the spouse's ability to live comfortably or eventually pay for her/his care as a second patient needing Skilled Care.
YMMV. These kinds of discussions need to show all sides, because many people like to ignore the fact their risk profile changes and usually increases, the older they get.
For some, their risk profile will
decrease. (Lucky you!) Barring accidents or unexpected illnesses, they may indeed have enough financial assets to handle the cost of home healthcare (the fastest in cost increases over the last 5 yrs, according to Medicare) or Skilled Care Nursing, 10-20 years from now. If that's the case for some here, then more power to them.