Being someone who used to sell and trained to sell it (not very successfully unfortunately however), I think most people who lives to an older age will probably use this type of insurance eventually…
Downside is what was already mentioned by flyer and cost. Since it’s an insurance that many people will probably use, a lot of Insurance companies have been getting out of the market and there are very few options for people. The premiums are also insanely expensive and since it’s so far away, most people just hope they die quickly or depend on the state (Medi-Cal). Please note also that in-home care (I don’t think) is covered by Medi-Cal so if you need help, you’d have to pay up.
Note that cost per month for staying at a decent LTC facility can run several thousands a month and I’ve had family who were in nicer ones for over 8k per month or more…
The pistol plan sounds like a good one and one I’d like as well.
