Do you know what it is?
Do you have a long term care insurance policy? Does your spouse?
Do you think it's cost-effective? A scam?
Does it make sense to get long term care insurance when you're young so you can lock in a policy (at a lower rate) before you develop any conditions that would make it impossible for you to get a long term care insurance policy?

Please discuss.

Let's say you could get a long term care insurance policy with simplified underwriting at a discounted rate. Would you accept the offer or would you consider it a waste of money?

Most likely a waste of money. Depends who (situation wise)you are talking about though.

Everything depends on your own circumstances; your age, health, etc.
It's definitely legit and recommended for many, but it depends on your own circumstances.

I'm talking about a young and healthy individual. I'm assuming that if I were to look into getting this when I'm 50 or 60, the cost would be much higher. But if I pay, let's say $250/yr x 50 years, that's 12,500 dollars (which could be paid back to my estate in the case of my death without using the policy). So is $12,500 too much to pay for peace of mind?

On the other hand, long term care is defined as care that is longer than 90 days and the chances of me needing that for the next 20 or 30 years are probably very slim.

I've spoken with a broker about it and heard all the reasons why I should get it, but obviously the broker wants me to buy. So I'm looking for reasons not to get it (or affirmations that I should).

In this case a waste of money is a very good thing.
It means you weren't laid up in the hospital or had to go to a nursing home.

Realistically speaking, you don't need it for the next ten or twenty years. I mean I know that if something horrible happened to me, god forbid, I would simply move back to my parents' house. Presumably you could do the same.

So go get terrorist insurance. Not getting blown up by a terrorist is a very good thing.

Or volcano insurance. Wasn't there a Simpsons episode about that?

Something to think about is what if the heath care systems changes over the next 25 - 40 years?
If you were in your 50's or higher I would understand how planning ahead for care makes sense because we have a general idea of how the American heath care system functions. However, for you, there are so many years between now and your retirement that the medical system could change dramatically. As well, you don't know "how much money" $250/ year could be in the future- you are looking at $12,500 in todays rates without thinking about inflation going up or down.

If you took that $250/ year over 50 years and put it in a retirement account, or a 401K, or some other savings plan- would you come out more ahead, despite having a a higher rate of insurance at that point?

That's a poor assumption to make. At any point in the future, I could have a family and live a thousand miles away from my parents' home. Besides the fact that I wouldn't want to burden my parents. Additionally, even long term care that takes place at home can be expensive and time consuming.

The other factor is that, while I hope I don't ever need long term care, if I wait to buy the policy in, let's say, 20 years, I may not have the chance for simplified underwriting, may have a preexisting condition, and will be older, all three of which affect the cost of the policy.

Thanks for the thought out reply. I didn't consider that the healh care system might change in the future.

Regarding inflation, I could get a policy that grows with the rate of inflation - so even if it's a $250,000 policy today, it would be more than that in 50 years. Something I don't know is whether my premium would also grow.

As to how much I'd save if I invested that money - an internet calculator tells me "Starting with $0 and depositing $250 annually over 50 years (at a rate of return 5%, compounded monthly and taxed at your marginal rate of 20%), you will save $39,283."

Hmm.

Disability insurance is often overlooked and may be helpful for someone who is working.
Hopefully, a person will be "wasting" his money if he doesn't need it, but it's good to know it's there if you do.

Just to be clear, disability insurance and long term insurance are totally different things.

Of course. Just thought I'd mention it in case you or someone reading this might be interested.
For a younger person, it may make more sense than long term care.