While I have no desire to ever need LTC, circumstances may dictate that I can't do anything about it beforehand. I wouldn't want my spouse to live in poverty because of the LTC costOne of the things us engineers did was to multiply the LTC premium by the number of (estimated) years until the claim, and then compared that total to the coverage cap.To lots of us, it was looking like the LTC wasn't so much insurance as pre-paying for the benefits.I'm retired now. State Farm is quoting me $928/mo for a LTC policy with $300/day max benefit, 90 day elimination period, max 5 years of benefits.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).I think I'd rather retire with $1M or $2M, and then invest that $928/mo rather than give it to an insurance company.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.
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