There are basically four choices in paying for your long term care.

1.) Depend on your caregiver (family members).
Caring for someone needing long term care could be quite stressful emotionally, mentally and physically.

Would you want to put the burden on your family? What if the burden was too much? Could your spouse or daughter lift you each day? What if your caregiver needed to work full time and take care of you?

2.) Depend on Medicaid. Medicaid is "welfare". There are spend-down rules involved before Medicaid will pay for your care. Most of your assets will be liquidated before Medicaid will cover your long term care costs. You may lose your retirement savings, stocks, bonds, CD's, car and even your home.

3.) Pay for long term care from your assets. If you have enough money to pay for years of long term care, this may be an option. However, remember, the costs are expected to triple within 20 years. In addition, you must take into account that about 20% of people in nursing homes stay there for more than 5 years. The costs could be staggering!

4.) Insure yourself with long term care insurance. For most people, this would be the most economical way to protect yourself from these devastating costs. Many long term care policies are affordable and offer a large variety of options to choose from. Long term care insurance can help people stay at home for as long as possible, preserve your assets and help you keep your independence.