No. of Recommendations: 3
determinedmom writes,

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.

Actually a product like that would be more like real insurance rather than a "pre-pay plan".

According to the CDC, there are 1.5 million people in nursing homes and only 25% (about 400,000 people) spend more than 3 years there, and 12% (less than 200,000 people) spend more than 5 years. See Table 12 in the report below.

There are about 50 million people on Medicare, so less than 1% (i.e., 0.80%) spend more than 3 years in a nursing home and only 0.40% spend more than 5 years.

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