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Another friend advised me "Never buy LTC insurance to cover more than 5 years; that may reduce your premium."


Because, according to him (and as told him by an agent), by the time someone is so bad off that they NEED that insurance to cover a nursing home, they typically don't live more than 5 years, anyway!

I have no idea how accurate that is, but I do recall that when my late mother-in-law finally could no longer remain here (because of severe medical conditions and a level of care we truly could no longer handle), and went to a nursing home, she died just 9 months later. (Her own funds covered the huge costs for those 9 months, but there was little left at the end. Had she been alive longer, Medicaid would have helped, of course.)

I'd be interested in hearing more about whether or not that 5-year concept is true.

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