Unless you are very wealthy and can afford to pay amounts like $5,000 to $20,000 per month for your care, you need to have a plan.  You have two options, other than paying with your own money.

One option is long-term care insurance, if you can afford the premiums and if your age and health are such that you qualify.  For some people, particularly those who have good sources of income -- Social Security, pension, and retirement accounts, or other -- long-term care insurance can be a good option.

If you are considering long-term care insurance, make sure that the amount of the daily or monthly benefit is sufficient.  If the policy is going to cover only a fraction of the actual costs, and you would wind up depleting your savings to cover the balance, the policy may not be a good idea.

Your other option is Medicaid.  For a variety of reasons, many people ignore this option – but they shouldn’t.     In New York, we have the best Medicaid program in the country. It’s worth finding out how it works, and how you can benefit from it.    Many people are surprised to discover that they can qualify for very good long-term care, without spending down their savings.

I’ll talk a lot more about Medicaid in other videos on this website.