We live in an age of medical miracles.
People live longer than ever before, and life expectancies are increasing at a steady rate.
That means that many of us will be fortunate enough to still have our parents with us as we ourselves reach retirement age. As our parents age, however, their health will inevitably decline, and the greater the chance becomes that they will require nursing home care or other assisted-living arrangements. Such care is expensive, though, and Medicare, HMOs, and Medigap do not pay for long-term nursing home care or for assisted living. Your parents might find their lifetime savings and assets quickly depleted. Medicaid may cover some costs of long-term care.