If policies with those premiums and benefits were still available today, many here, including myself, would be all over them. $1 million of coverage for LTC for $40k was a great deal. Sadly, those policies haven't been available for a while and are very unlikely to ever be offered again.Gardner's Son wrote: ↑Sun Jul 28, 2019 7:21 am While I have forgotten all of the particulars, I (male) bought a LTC policy when I turned 55 (2005) for about $2,000/year. I am now 69. I believe it covered $300/day with a max of $1,000,000 total coverage? As owners of a small business, we deducted this expense. After 20 years, the policy is completely paid off and coverage continues until needed or not. Each year there was an option to pay a bit more for inflation - it was not much more per month and typically we purchased this option. There was a 30 or 60-day waiting period. In other words, I couldn't receive benefits right a way if I qualified based on the 3 daily chores (i.e., change clothes by myself, bath, feed, etc.) I could not do. It included home care which I was very interested in. It was a NY Life product - well-written and sound. Each year we get a letter from NY Life regarding the inflation option. I doubt that this policy is still being sold as the price was very reasonable and health care costs have gotten crazy over the past 10 years.
At the time (2005), I was in the process of transitioning from a teaching job to free lance consulting/grant writing and wanted to have something to fall back on if we didn't make the jump successfully. At this time, we could weather the LTC storm with the available resources accumulated over the past 15 or so years. Hope we never have to use it!
At this point, the best that many of us could hope for is a LTC policy with a long exclusion period (e.g. 3 years) or a high 'deductible' (e.g. $300k). That would cover the truly catastrophic LTC events, and due to the rarity of such events, the policy would not be nearly as costly as traditional LTC insurance.