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I bought LTC insurance to cover a gap I felt I had in my protection for my children. I had protection for them if I died, but not if I alive but incompetent and my savings were sucked up by nursing home costs.

So far my premium hasn't changed. I will reconsider if it changes drastically. I still have a child in high school, although I am older than most parents. If I decide to cancel at some point after my children are self supporting I will still feel I got my money's worth because like much insurance it provided the protection when I had the greatest risk. I am less concerned with protecting their inheritance than with protecting their youth and education.

My experience with elderly relatives is that quality of care in nursing homes has less to do with self-pay vs. Medicaid than it does with family involvement and initial choice of facility.
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