There was a lenthy discussion on this recently if you look under search and type in long term care insurance. We have a plan and have had it for years. If your children are older they should take it out and pay for you as they will benefit through having you covered should you need LTC rather than spending their inheritence. However, if you are like us and have five children from 19-29, then they are too young as they establish their own lives, so we pay. You want to look at the increase in costs over the years of the policy, the increase in benefit, does it cover a choice of in home care or assisted living/nursing home/memory care and to what amount? Five Star assisted living starts around $5-6,000 a month and a nursing home is $10,000 plus a month. Remember, the policy only kicks in if you need assistance with three of the five or so activities of daily living-dressing, mobility, toiileting, eating, bathing. A LTC policy is not covering the day you decide you do not want to cook or clean and move into an assisted living community. Some people think that it will, and believe me, it will not.
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