Interesting thread. My parents are in their mid 80's and now live in an assisted living home. About 4 years ago, they were no longer able to care for themselves and required 24 hour sitters. This was costing them about $14,000 per month.
My mom's mother was in a nursing home for about 8 years. Because my mom witnessed her mom living in the nursing home, she really resisted leaving her own home and moving to the assisted living.
But, my siblings and I could not sit and care for them at their home, and at $14,000 per month, the money would not last long. So we decided to move them to assisted living. Now, their cost is about $6500 per month.
We researched many options and did everything we could to keep them in their own home, but we finally decide the assisted living was the best option.
Now that they have been there for 4 years, I feel it was the best option. Mom's memory has deteriorated and dad can no longer walk and needs help with personal hygiene.
One of the best things my dad ever did was purchase a long term care policy. It pays about $4800 a month for their care. If not for that, there would be very little if any of their estate left.
I'll be 59 next week and I have not done anything yet for my wife and I's long term care. I need to make more plans soon. Just like my dad did.