Long-term care cost is huge. 

The majority of LTC home care is provided by caregivers around the aging people - usually family members or friends. These caregivers tend to shorten or even give up their jobs, just to provide long-lasting and free care services to the disabled elderly, causing enormous economic and psychological pressure.

Financially speaking, medical insurance: Medicare won't cover the majority of LTC cost. Generally, it only pays for 3-night hospital stay, fully covers the first 20 days of LTC, and then co-pays No.21-100 days' LTC. On the other hand, Medicaid would cover all LTC cost, but that usually means when someone is completely broke (financially).

In other words, medical insurance will NOT cover anything beyond the first 100 days of LTC. It should be noted that, LTC usually lasts for 1.5 - 8 years (with an average of 4.3 years). Another study indicates that about 59 percent of LTCs last more than a year.

What about the total annual cost? The cost can vary in different U.S states, but a general estimate (2020 National Annual Long Term Care Costs; 2019 Annual LTC Cost and Estimate for 2039) would give you an idea:

In conclusion, long-term health care has serious financial consequences that can have a significant impact on a family's savings and lifestyle. Most of these people currently need to pay for long-term care on their own savings (about 63%) - it is a huge burden.

Inevitably, for people who enter a nursing home, the financial outcome can be catastrophic: according to the Congressional Subcommittee on Aging, 70 to 80% of nursing home residents deplete their assets within 12 months.

Therefore, it is crucial to set up suitable LTC insurance plan, to cover the potential huge costs of long-term care and maximize your and your family's financial returns, given the inevitable fact that everyone will get old someday.