Comment by toast0

Medicaid will pay for nursing homes (if medically justified) once you run out of money; but the per diem isn't that much. Apparently a lot of nursing homes will commit to accepting medicaid reimbursement for continuing care if you can commit to paying N years first. I've heard usually 2, sometimes 3. If you can swing that, your kids won't have to pay, or they'll pay for incidentals, but not the whole thing. There are homes that just straight up take medicaid, but they review poorly; it's not enough to pay decent staff at reasonable levels, so there you go.

What I've heard about long term care insurance is you can't really buy a plan with useful coverage anymore. The old plans were good as long as the insurer remained solvent, but many didn't.