Sooo...none of you have it, but you've all got opinions on it. That's good, actually, at least you've thought about it, which is better than ignoring your risk.
The question is, what IS your individual risk profile for morbidity/mortality, and are you able to accurately analyze it to define how much risk you have or don't have? I've worked in admin/operations in three segments of the financial services industry for over 20 yrs, and I don't know many non-FS people who are knowledgeable enough to accurately judge their true risk profile.
We have LTCi. We have had it since 1999, when I was 48 and my DH was 46. Because I have a general understanding of how insurers work with actuarial tables, I felt the statistics they were using at the time were flawed.
Their stats were based on WWII generation (still are, in fact). Longevity increases and medical advances were just beginning to show major impact. Families mostly took care of their elderly relatives until it absolutely couldn't be handled at home, leaving nursing facilities as "the place where you go to die". This created the blanket stat of "average stay in nursing facilities is only two years," which is still sometimes trotted out by consumers.
This isn't true any longer and hasn't been true in a while. The "average stay" is now three years and will continue to lengthen as life expectancy continues to increase (it goes up monthly, in fact, as acknowledged by US government statistics).
Also, the move to remain at home has created the fastest growing segment of healthcare: home healthcare services. Medicare does not cover this except for very limited periods, under doctor's authorization. Medicaid, paid 50-50 by state/federal funds, is slowly being gutted in states with budget shortfalls, which has always been true. Whenever times are hard, Medicaid gets cut back. That means only the very, very sick and very, very poor get any services, and what they get is minimal.
So why did we buy LTCi? Why do we still have it, despite four class-wide premium increases with possibly more to come?
1) We have increased morbidity/mortality risk. DH suffered a haemorrhagic stroke at age 50. Not even his doctor can tell that he had one, nowadays, but it doubled his risk of dying by heart attack and actuarially speaking, halved his remaining life expectancy. When/if he makes it to 70, every single hour past that will be a gift. If I were trying to buy him an LTCi policy now, it would cost at least DOUBLE what we currently pay, probably with less coverage permitted
2) We have no children, by choice. Few family members nearby, and they have their own family concerns. They can help, but not intensively. Nor do we want to have to intrude upon their lives, if we can manage in other ways. Also, we determined the disability of one spouse would have a seriously negative financial effect on the other spouse. LTCi was the solution for us.
3) LTCi policies are complex (like annuities) and need careful research. Insurance is risk mitigation, not risk elimination. We have unlimited benefits, 5% compounded inflation, and home healthcare coverage. Home healthcare, BTW, costs 30% more on a per-hour basis compared to nursing facility care.
Because we assumed there would be premium increases, we budgeted for them. As it turned out, the premium increases have been moderate. Our premiums were very low when we started, so a first increase of 20% came out to less than $50/mo. total for the two of us. Subsequent increases have ranged from 10%-15%. We now pay (total, for two separate policies), just under $4K/yr.
4) Some call it 'wasted money'. Maybe, maybe not. It gives us great peace of mind, and I said above, I doubt DH could have qualified for LTCi after his stroke. The benefit has increased to $96K/yr on each of us. We live in a high-labor, expensive area: "nice" facilities are easily in the $90K/yr range.
Our total premiums paid for the past 12 yrs on 2 policies: less than $50K. For us, the math works.