Originally Posted by
oldmako
Therin lies the rub. There's lifespan and then there's the quality of that span. In my state the average cost of a full-time nursing home is approaching ten grand per month. That kind of money can decimate a retirement portfolio in fairly short order.
Hopefully you won't need a nursing home for a very long time if ever. Because the lifespan once one goes into fully time nursing is very short (the median length of stay in a nursing home before death is five months), insurance is available at somewhat reasonable prices if you are willing to accept an exclusion clause that limits the insurance company's exposure to begin after 90 days. The longer the exclusion the lower the rates. You can protect yourself from a catastrophic bill if you're willing to accept the cost of the first three months or more.