I didn't criticise the insurance industry in the US! I wrote: and then I added my opinion based on my experience and I do think it is justified. Just as yours is.
Well, Lon, like we discussed before, not all Seniors have the finances that you do and, for those that do, they have other things they want/need. There are many Seniors that are quite mobile and can do many things that you are physically unable to do. Now, that last statement is actually more for the Baby Boomers rather than those of your generation.
Lon, I don't know whether you are lucky or unfortunate. Lucky, in that three other people that bought from your company and paid $30,000 in premiums either died or cannot qualify to collect. Unfortunate, because you meet the requirements to collect benefits. "Under most long-term care policies, you’re eligible for benefits when you can’t do at least two out of six “activities of daily living,” called ADLs, on your own or you suffer from dementia or other cognitive impairment. The activities of daily living are: Bathing. Caring for incontinence. Dressing. Eating. Toileting (getting on or off the toilet). Transferring (getting in or out of a bed or a chair)." Fortunately, through your foresight you can afford the standard of care you are getting. And, have beat the insurance company's forecast of your life expectancy. Congratulations.
It's obvious to me Jerry that you know something about LTC insurance. I qualify for two of the ADL's. My policy has no limit on the number of years they will pay benefits & includes a annual COLA. The policy also has no limitation on the total dollar amount. It's unlimited. Given my family longevity I stand a good chance of receiving around $500 to $600,000
Either way, it's working out well for you, Lon. Clearly, you did your homework, planned in advance, and you enjoy living where you are, so you are now reaping the rewards. I'm happy for you. I'm still more than a year away from being seventy so I much prefer living in my own home and, apart from shoveling snow off the roof, I can still manage most of the maintenance tasks, although I do opt to hire some of it out. Physically, I don't know why I couldn't get up on the roof and shovel it either, as I did until a few years ago, but I am becoming better aware of such things as fragility, and I am afraid to get up on the roof now. Maybe I'll have that part of the roof replaced with a metal roof too, as that would solve that problem. But I am digressing. Assisted living is working out well for you and I'm happy for you. However, as I suggested earlier, most of us are no longer in a position to do what you did. Our best earning years are behind us and the rates would be much higher than if we had signed up for a policy thirty years ago.