So how many here have opted out of the state plan by buying their own plan?

It doesn't affect me much, to close to retirement, buying a LTC policy is too pricey, and I won't be paying in to the state plan for long.

It's currently going to be .58% of your income, but the revenues from that tax rate don't appear to cover the predicted liabilities to the state, so increases are expected.

I have my own policy, so I’ll opt out.
The key in my opinion is if you are going to get a LTC policy on your own is to get it when you are young and the nut is affordable.
That said, we got my mom at a policy at age 67 when my dad passed away. Here annual premium was $1,500 less then one month of her current care costs.
Having just put my mom in a senior care facility, the cost of senior care is pretty startling.
A person could easily burn through their life savings on care that they intended to pass on to their family if they lived in a facility for a number of years.
$36.5K might only get you three to five months of care depending on the facility, at least in the Puget Sound area.
SF

Too funny, this topic came up last night over dinner. Have only researched minimally a few months ago. We're getting "closer" to retirement, but not sure what the Magic 8-ball says yet. I need to do more research and come up with a decision before 10/1.

It appears that as "retired" this does not affect me.

Don't wait to decide.

The problem is that there's a huge backlog of people applying for LTC care, and it takes time to get the approval from the insurance company.

And many insurance companies are raising the rates rapidly because people are desperate to opt out.

Some companies are not accepting applications from people under 50. You only need to prove you have insurance by the cut off date, there's nothing that says you need to keep it. So most people plan to get the policy, then drop it after a year so.

Good info, much appreciated!

Long discussion on it.

https://www.bogleheads.org/forum/viewtopic.php?t=340307