Second,......what kind of wherewithall do you have? Private nursing homes cost about $8,000 per month today. Could you cover that without breaking the bank? Some people can, again making insurance a waste.
Third,....if you can afford it, there are some retirement facilities that offer "lifecare", which allows you to access nursing care as part of the financial arrangement you make with the senior living facility.
Finally, ....you can always do what many, many Americans do....during the years leading up to your infirmity, gift all your money to your kids and when it is time to enter the nursing home, you can access Medicaid and let all of us pay for your care. Ugly but true.
Try the homework first. Either "lifecare" or the liklihood that you might never need it are probably better bets.
Indeed - but keep in mind that both states with which we're familiar (California and Minnesota) are more than prepared to go back for an extended period of time and snatch back those "gifts"...perhaps as much as three years.
Afterwards you may be in for a rude surprise. It's not necessarily a free ride since Medicaid, which pays the tariff, can, after your passing, come back for any assets (including your house if your spouse predeceases you). As for that money you might plan to gift away, don't be surprised if they track it down and demand it, too.
Also, wouldn't you feel just a titsy bit guilty doing what you seem to be suggesting? Seems to me to fail the morality test.
And yes, my wife and I have long-term care insurance and have had for some years now. We believe in paying our own tariff.