LTC coverage is a flawed product, yet there is a real need. The problem is that most of the policies don't really give help in the situation where people often need help.That is, a typical policy has a relatively short elimination period then provides coverage up to a specified amount for some 3 to 5 years.What I really want is a policy that is cheaper in premiums but provides catastrophic care. That is - I'll pay the cost of LTC for 3 years - I want insurance to cover the cost beyond that. But, that is just the opposite of what policies provide. Instead the premiums are high because what is being covered is the first few years of care.DH and I fit within that group of people who have enough assets to need to worry about the cost but not so much money to be able to easily handle the cost.I basically agree with all of the points made by 2gifts. The real risk for a married couple is impoverishing the spouse who isn't in the nursing home.What scares me is not my spouse needing to go to a nursing home for 3 years. DH's mother was in a nursing for 8 years before her death. We could afford to self-fund a 3 year nursing home stay. An 8 year stay would impoverish the spouse not in the nursing home.
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