How many of you have long term care insurance or have a loved one who does?

From my dad's experience, he is still considered too high functioning by his policy, yet needs to live in an AL facility, I would be really careful about choosing a policy. My dad's really only kicks in when you would be in a skilled nursing facility and in my dad's case, he has needed care for 2 and a half years now that he has had to self pay. My husband and I now in our early 60's looked into policies with our financial planner, but we have decided to self insure via a property we own (not our principal residence) that can be rented or sold to fund our long term care needs.

About 8 million Americans have long term care insurance and insurers paid $7.5 Billion (B) in benefits to around 250,000 folks in 2014. Most claims are for home care - though people still mistakenly associate this with nursing home coverage. It can be a very complex product and costs can vary significantly for virtually identical coverage.

I have it and think it's worth it. My husband had a major health trauma and I saw how quickly money disappeared with his care. So I got it for myself.

I am getting LTC insurance for myself

Only draw back is if one wants Long Term Care insurance it is best to start purchasing it back when you are in your 40's and 50's, and who thinks about that then? I never heard of it when I was that age.

Once you get older and start looking, the cost are expensive. Even if you are younger you might not qualify if you have certain medical issues, such as cancer, diabetic, a history of heart disease, or have memory loss.

I wouldn't qualify.