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Advancements in medical science have contributed greatly to this.
This is because, thanks to these advancements, people now live a lot longer.
And, as people get very old, they become frail as a result and need some form of custodial care.
The odds that you will need one too is higher today than ever before with a 50:50 chance.
The question of how well you're prepared becomes a very important one.
Some very rich folks don't even have to think about things like custodial care (and rightly so).
They can always afford it however expensive it becomes.
But for the rest few options remain...
1) Depend on your family.
If you've decided to depend on your family, how financially viable are your children? If they'll be glad to foot your long term care costs both financially and emotionally (and you have little shame), you can plan to spend your last days at their expense.
This option doesn't really sound right to me.
Just stop to imagine the strain it could put on their finance, marriage, kids, career and social life.
No, you don't want to do that to your beloved kids.
2) Depend on the government.
You can also choose to shove it on the government like most Americans do.
If you plan to be on medicaid, you could as well say goodbye to your assets as the state could claim them to recoup what the spent on your long term care after you're gone.
Add to that the fact that you'd have given over control of how you'll spend your last years to others.
They'll decide what kind of care you get and where.
You'd have very little choice.
It's welfare! 3) Self insurance is another option although those who go this route don't call it that.
Most people do nothing to get coverage for long term care and so have to pay out of their own pockets until the become poor enough to qualify for medicaid.
4) Wise Americans pay insurance companies to give them coverage in case they need long term care.
They go to sleep with the peace of mind that they'll not end up as some object lessons.
They relax because they've taken steps to ensure that they'll spend their last days on their own terms since they have long term care insurance.
You can join these wise Americans and get long term care insurance today.
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