To those families needing it, Long Term Care has been a huge financial burden to most families and it is not getting any cheaper.
In 1990 there were about 380,000 Long Term Care (LTC) policies sold and by 2002 that number grew to 750,000.
Since cost of care has risen dramatically, many of the companies that sell LTC have gotten out of the business. Look at it this way. Companies sold unlimited coverage on some policies for a premium that seemed correct at the time. 15 years later they realized they calculated it wrong and their expense ratios are now costing them.