by KYW's Salil Gutt

There is a tussle going on among financial planners. Is it worth recommending clients buy long term care insurance.

Advocates point to increased longevity among Americans and the prohibitive costs for home care or nursing home care.  Opponents support their case that ever escalating premiums, complicated procedures for receiving benefits and capricious denying of claims by companies makes this not worth it.  They are both right which is why the debate is so rancorous. Here's a better option in my opinion.

Consider setting aside a slush fund to pay for long term care yourself in your old age. Given the average age when claims are made is late 70's you have many years for growth if you start at say age 50. Besides you control the money and how to spend it and not be subjected to hoops to jump through.  Use the money you would have been paying had you bought a long term care policy.

Better still. Start a Health Savings Account and get a tax deduction now for money put away to use way later. Most people cannot deduct the insurance premiums paid for long term care insurance.