If I stop paying I will lose all the money I put into it. I’m 82 now and still ambulatory, widowed and live alone with no family left. Eventually I will need to go to assisted living or nursing home which is very expensive. My insurance covers me for $300 per day for life with the first 100 days excluded. Insurance company says I can lower insurance but prices keep going up and if I lower it. it won’t be enough to cover me. Can they increase price to such a high premium.
Maybe you could call whoever has your homeowners insurance and pick their brain about it. It sounds like you might need some professional opinions on what to do.
Sometimes when you are in a hole, it’s best to stop digging. But only you can decide if that is where you are.
There are no really good answers but saving millions and millions, thusly being as Dave Ramsey says "self-insured". So to say you won't be outliving your money.
You don't say where you are in terms of monthly income, or of assets, but the truth is now you hang on to this hoping you never NEED it (falling asleep and not waking up for instance).
You made your best guess.
Add up all you "invested in this" and add up what memory care costs at about 20,000 a MONTH instead of per year, and you will see that it all comes down to numbers and gambles and guessing games.
Meanwhile, read and know your policy well, share it and where it is with family, and etc.
And best of luck.