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The $5,000 annual premium seems high for your age. I'm 67 and recently purchased a MetLife policy that will pay $130 a day for care; it paying costs about $2,400 a year. I was denied the lowest rate because of an occassional twinge of arthritis. I am confident I can make up the difference with income from my investments.
You should consider long-term care if you want to preserve your assets and the cash flow from your investments and other sources of income will not cover the cost of care. It's about $210 a day in this part of the country (Connecticut).
Some states will let a person keep assets equal to the amount they would have paid into the policy had they lasted a normal life span.
Keep checking for premium costs and see if Texas offers an estate preservation enducement.
Good luck and enjoy retirement.
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