Mr RooRoo and I have LTC policies with Prudential, have had the policies since our early 40s. The idea is to sign up in your 40s when youre young and healthy, not likely to have chronic diseases like rheumatoid arthritis, fibromyalgia, heart disease. This will keep the premiums as low as possible.
When we started LTC insurance about 20 years ago the premiums were about $45 per month per person. Currently we pay about $105 per month per person. The current benefit is $200 per day per person. We can use the benefit to pay for nursing home care or at home skilled nursing care.
In Arizona the average cost of nursing home care for a private room is $6500 per month. In New York State the average cost of a semi- private nursing home room is $10,830 per month.
I strongly recommend having LTC insurance. You can build up a nice retirement nest egg, but it could be greatly depleted or wiped out by nursing home care costs. Medicare DOES NOT pay for nursing home care.
Also: Mr RooRoos mother had an LTC policy, also with Prudential. She paid premiums for about 18 years and then she went into a nursing home for the last 3 years of her life. Her benefit was about $5000 per month or $60,000 per year. Her LTC policy was not a scam.