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[quote=Anonymous]Long term care insurance is a bit of a work in progress for both insurers and consumers.  Generally the advice is not to buy it if you have a lot of assets (say above $1-2 million), because you can self-insure, or hardly any assets, because you are better off saving your money and worst case you can use medicaid for nursing home care.

Even if you/your parents fall in that gap it may or may not sense to buy.  While the industry likes to scare people with estimates of how much money nursing home care costs, the reality is that the median stay in a nursing home is 5-6 months (although the mean average is a year or so because a few people live a few years).

Some people will tell you to buy it no matter what because chances are you'll need it, and some people will tell you never to buy it-- the need is overrated and the cos. will try and deny/stall you rather than pay benefits (figuring the clients are by definition old/near death).

A number of insurers have stopped selling and/or raised premiums recently.  It's really something you need to spend some time to try and educate yourself about-- inflation rates, partnership policies (which let you use medicaid if necessary without impoverishing yourself), benefits for married couples, etc.  When I looked into it I found that both financial planners and insurance agents didn't necessarily understand the policies that well.

The state of CT has been out front on partnership policies and their website has a fair amount of info.  IIRC, AARP has some good stuff on the web as well, and if you google you should be able to find discussions on various money blogs like Motley Fool or CNN/Money discussing the issues.[/quote]

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