Nursing home care can take a sizable portion of your income annually, so if you haven’t set up a way of covering any prospective nursing home stay, it’s time to set up something.
Unless you have purchased long-term care insurance, your options are limited to preparing financially ahead of the time when you might be admitted to a nursing home. A second idea would be relying on a government-run program to pay for nursing home expenses. Even if you may choose to rely on a government program, your choices are going to be severely limited.
If you’re human you couldn’t possibly have avoided thoughts of what you might do if you had won the recent Mega Millions lottery of over $640 million.