I just purchased a LTC policy the other evening. I had been pondering, studying, and doing some research on LTC policies since last year, and finally made the decision to bite the bullet and get covered. It covers Home Health, Assisted Living, and Nursing Home. The HH does not necessarily have to be given by a nurse or other med professional, it can be given by a friend or relative, or anyone else that I choose.
There's a list of six or eight (I don't recall off hand and am too lazy to go look right now) normal daily tasks that one is supposed to be able to perform on their own. If there are at least 2, that I can't perform or perform properly, I qualify for assistance...whether HH, AL, or NH. My family physician is the one that makes the determination.
I got the 90 day lifetime elimination period, $150 a day, unlimited inflation adjustment with NO max, I was going to get the 5 year plan...but for the few dollars more I opted for the 10 year plan (even though the agent tried to talk me out of it....
I wanted the added peace of mind). Also, if I collect on it at any time, whether for a few days or weeks, or even months or years, and then I get to be well enough to care for myself again, and I don't use it again for at least 180 days, the lifetime payout amount goes back up to the original amount.
I just recently turned 50, and my premium is $183 per month ($2196 per year). That may (or may not) seem like a lot to some folks, but it gives me peace of mind. And IMHO, that's what counts! Besides, as I posted somewhere else around here today, the money to pay for the premiums is covered by the money that I used to spend on eating lunch out everyday at w*rk, and money that was formerly used to purchase safety gear, and w*rk clothes...especially extreme weather clothing, and other equipment and materials that were needed for my former j*b, that the employer didn't provide.
I have a friend, and former co-w*rker, that is a couple years younger than I am, who had a motorcycle accident. He ended up in ICU for some time, then in a normal hospital room for a few weeks, then into a nursing home for a few months. He is now at home, and has home health care coming in, as well as some there for 24 hour assistance (fortunately that person is a relative and NOT charging a fee!). The good news is that he has very good medical insurance, so while the hospital and doctor bills are huge, insurance covers a big chunk of it. The bad news is he didn't have LTC, so all of the nursing home, assisted living, and home health bills are HIS!!!
I don't want to be in a situation where I'd have to liquidate my assets, and/or spend all of my retirement savings/investments to pay for costs of LTC, when I can have the LTC coverage for a relatively reasonable cost.
I'd rather have it and not need it, than need it and not have it!