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I was almost ready to take the step of buying a LTC policy, when someone pointed me to this CR article, so I didn't. I also spoke with a friend of mine who is a financial advisor, and she pointed out that if you have big bucks put aside for retirement (i.e. > 1.5 mill) you're probably better off self-insuring. Others should wait until they're at least 65 to consider buying a policy, to avoid as many of those premium increases as possible. And you're right, there are benefit limits--most policies don't pay anywhere near 100% of the cost, and most have a maximum benefit period.

I understand however that there are some states which will allow you to collect Medicaid without being destitute if you had a LTC policy, but its benefits have all been used up.

So, I guess what I'm saying is that there are a lot of things to investigate, and a lot of things to analyze before buying a LTC policy.


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