When I started in 1999, it was with Travelers. Later that was bought by MetLife, and now is Brighthouse. When we bought the policies, our daily coverage would be $105. Now, our daily coverage is up to $265 for each of us. Almost $16,000 a month for the both of us. I forget what the premium was when we bought these policies, but we're paying $400 a month now for both us us. I had a talk with the insurance company, asking them if I have TOO much coverage. They quoted some options to lower the premium (and the coverage), but I have to do some homework on how much assisted living really costs in a nice place. $16,000 a month seems like a LOT to me. Anybody have any numbers of how much it costs? When I see that "A Place for Mom" commercial I wonder about getting a feel for how much this costs, and what really is our probability of ever getting to use it. We decided to buy the policies when at that time both my wife and I moved our parents into assisted living because they just couldn't take care of themselves anymore. Poor health and too many steps. Now we see that in our not too distant future.
PS - About 10 years ago I had an insurance agent come to compare LTC policies. She was so proud to be in our house and get a chance to compete. She spent about 2 minutes looking at our policy and said "I can't compete with this", packed up and left. Apparently, the trick is to buy early. Not something you want to hear when you wait til you're over 65.