Long term care can be expensive.

If you don't expect personal savings to cover the cost of long term care, you may be able to finance long term care through:

• Long term care insurance. In exchange for monthly premiums, long term care insurance covers nursing home care or other long term care services. Premiums generally increase with the person's age and coverage benefits vary significantly. If you're considering long term care insurance, make sure the policy covers any pre-existing conditions as well as conditions that could develop later, such as dementia. Also check whether you can reduce coverage if the premiums become too expensive.
• Medicaid. This joint state-federal program is designed for people who meet certain income requirements. Medicaid typically covers nursing home care, but only after an illness or injury. Whether Medicaid covers home care services, assisted living or placement in a continuing-care retirement community varies by state.
• Medicare. This federal program is for people older than age 65 and those who have certain disabilities. Although Medicare doesn't generally pay for long term care, it may cover nursing home care for a certain number of days in specific situations. Medicare may cover some types of home care services as well, but Medicare doesn't cover assisted living.

Discussing long term care with a loved one

If you're researching long term care options for a parent or other loved one, include your loved one in the process as much as possible. Consider these tips:

• Plan ahead. Don't wait until a loved one needs a long term care facility. Start planning early so that you have time to evaluate the options together.
• Work long term care into everyday conversation. If your mother mentions a problem turning on the faucet, you might ask whether she could use help bathing or managing other aspects of personal care.
• Listen to your loved one's preferences and concerns. If your loved one is mentally competent, recognize his or her right to make decisions about long term care. Stay positive as you remind your loved one that his or her safety is your primary concern.
• Involve others. If your loved one doesn't respond well to your efforts to talk about long term care, involve trusted contacts — such as other loved ones, clergy, a doctor or an attorney.