I have LTC insurance and the NYT article worries me. On the other hand, we used my husband’s policy - along with hospice - as his stage 4 cancer made daily activities difficult. However, he was far from bedridden when he qualified. Maybe the hospice designation helped? He was able to remain at home till he passed, which is what he wanted. Over those last weeks, we went from help four hours a day (4-8 in the evening) to twenty-four hours a day. It was immeasurably helpful; we never paid out of pocket. As we pay our policy in full for the year, the company reimbursed me for the months not used that year.
Did we recoup what we paid in for the policy? Not even near, but it kicked in when needed. I’ve paid car insurance for over 50 years now and never had an accident. Will I ever recoup close to the amount paid in? That’s an obvious no. On a different note, I had a weather-related home disaster two years ago. My insurance company paid out more than I ever expected to need. Did I recoup what I’d paid over the years. A strong maybe.
I’ll continue to pay my LTC policy because it was a godsend when needed for my husband. However I hope to die in my sleep without ever needing LTC. (If only I should be so lucky.)
Despite our good experience with LTC, I admit the article worries me.