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[quote=Anonymous]My mother had a very good LTC policy that she started paying into in her 50s. At 83, when she started to  decline and  I was finally able to get into her finances, I discovered that she had just forgotten to pay the premiums for 2 years (there's like a one year reinstatement possibility). A tragedy because she was already mid stage dementia and is now in memory care and could have used that money (plus she lost how much she put into it over the years).

We are considering a life insurance policy with a long term care rider. Our financial advisor suggested Lincoln Money guard Market Advantage. If you don't use it, it becomes a death benefit for your spouse/heirs, there are various options for inflation protection, return of premium, etc. If you do, the money that you invest  either at once or over 10 years (you can shape the portfolio) is income tax free for qualified expenses which can be in home care or assisted living, memory care, etc.  Its a lot better than what happened with my mom, which was to pay a shit ton into insurance and then lose it with no benefit whatsoever.   I'm still trying to wrap my head around whether its better to do the insurance product or start to build a robust health savings account. Not sure I could put enough in there for significant long term care though since I'm starting in my 50s. [/quote]

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