Rant coming…
Of course, no offense taken. You are quite right about how technically LTCI is like other kinds of insurance -- you pay for coverage because you hope to avoid a devastating financial payout.
BUT to be fair, in most places (i believe) car insurance is mandatory, You-Know-Who forced mandatory health insurance down our throats, and if you have a mortgage homeowners insurance is a must......and LTCI is OPTIONAL.
Please educate me....IS THERE a car insurance or homeowners rider I can get, that will pay something back IF I never use the policy???.... because IF there IS, I might be willing to pay for that option.
And given that there ARE LTCIs with that option, I’m willing to consider paying for it...mostly because as far as I know – those other kinds of insurance do NOT offer those options.
Ok here's the rantL
And I DO feel insured to death...how many darn things in life do I have to insure?
Car Insurance, health insurance, life insurance, homeowners insurance, disability insurance ...now LTCI.....
Well guess what? (and please don’t you take offense).... I’ve already got about 500.00 a month going out in insurance premiums for one kind of coverage or another.... and the additional LTCI would be the most expensive.
It seems (and I know it’s not so) that every time you turn around you’ve got someone pitching some damned insurance...there’s cancer insurance, ID theft insurance, even insurance on a frigging cell phone.... (policies I don’t have by the way). PLUS, although they're not technically "insurances" I don't think) home warranty and car warranty coverages (which I don't have either and never would) which some people try to pitch….
And by the time I pay taxes, and if I had a car payment which I don't…but I am saving about 10% of my salary for retirement. how much totally discretionary money I am supposed to have left to LIVE ON and do what I WANT and NOT have already allocated for 10 different things before I even get my pay check!
And again, I may get LTCI at some point....just not right now....
Clearly with THIS particular insurance…at this point, I’m willing to take my chances in NOT having it.
Also, if I don’t have it no one is hurt but me. There’s no direct enforceable “penalty” for NOT having it like car insurance or health insurance.
The bottom line is I don't want another expense right now….OKAY!
(just kidding)