One drawback of long- term care insurance is?

-People don't think to buy it until they need it.Some plans will only pay a set amount for nursing home care. In review of such a policy, it only paid a set amount per day for a certain number of years. There was no accounting for inflation or even cost of living increases. If the policy only pays $150 per day, and I don't need to use the policy until 30 years from now.......that $150 dollars is not going to do much to help me. Some states even now have costs of $300 per day for nursing home care....in 10 years, that cost is only going to increase; however, the long term care policy benefit will not increase. If the nursing home cost would end up being $400 per day (which is very conservative, because some homes cost that now), I would have to pay $400-$150, which would equal $90,000 a year. Most Americans end up needing to use state Medicaid for nursing homes because they eventually run out of money.
It is expensive and the person may not need it if they are low income and qualify for Medicaid in a care facility.
If you're one of the 30% of people who don't need it, you've wasted your money.