Here's my take on it. It is expensive, but without it; our later years will be a difficult propositon for our families as well as affecting our quality of life. Yes, Medicaid is an option but you'll have to 'spend' down your assets to virtually nothing. Forget about 'gifting' them to your children because if the 'gifting' takes place withing 5 years of your need for Medicaid; then you'll be required to 'spend' down the assets anyway.
LTC insurance has lot's of moving parts, but a good policy will be worth it in the long run. Do your research and shop around.
My wife and I have seen our parents care for our grandparents until they passed away. Now, we are having to step in to take care of our parents, which we do gladly. However, it would have been nice to have had a LTC policy in place. Case in point, my father-in-law has Parkinsons. He has done okay, but it is starting to take its toll on him. It's almost too much for his wife to do on her own and we are all at least a 5 hour drive from them. The next option is to maybe move them closer. With LTC we could have had a nurse or some other form of assistance make regular visits in between our visits to ensure everything stays on track.
As with most insurances, they become more expensive as we get older because the chances of us requiring their use becomes more probable. Those of you that are in your late 40's should consider purchasing versus waiting until your 50's or 60's. Also if you've been diagnosed with cancer in the past, or a heart condition, or diabetes you're likely to be denied.
I hope that gives you some perspective and hope it helps.
