I recently ran across this article that mentions some possibilities, including:
> Establish a separate account with funds earmarked for long-term care. These should include conservative vehicles, such as bond funds or individual bonds.
> Designating one's primary or secondary residence as a long-term care asset.
> Purchasing life insurance or annuity-type products that offer both a death benefit and a rider that allows cash withdrawals to pay for long-term care.
I don't know much about this option, but it sounds interesting. I'd like to learn what alternatives to LTCI others have considered or are pursuing, as I don't consider LTCI to be a viable option for me at this point.There are several types of asset-based products with a life insurance or annuity chassis that offer both death benefits and cash values, should the client ever need long-term care, funded with a single premium. Life-based products provide a death benefit that the policyholder can put toward qualifying LTC expenses. At death, any unused benefits pass income-tax-free to heirs, and tax-qualified long-term-care benefits are also income-tax free. Because of the Pension Protection Act of 2006, clients can withdraw money from annuity-based products income-tax-free as long as those funds are used for long-term care.