So I'd have to pay the first $27,000 (300 * 90). Each month of premium is equal to about 3 days of care. They'll pay lifetime maximum of $547K (300 * 365 * 5).No, the 90 day exclusion is because Medicare pays for your first 90 days regardless. You would not pay that $27,000.FWIW, the average Social Security benefit is $1200/mo (minus $100 Medicare premium), so you'd essentially be turning over almost all your SS check to the insurance company. Yes, but depending on the specifics of that policy, you would also be protecting anywhere from $547,000 to infinity from medicaid spenddown. And, if you are really retiring with $1-2 mil, how significant is SS to your retirement needs?Shop around, I bet you can get the same policy cheaper than State Farm - who likely is paying an agent a significant portion of that monthly premium.