Some studies estimate the actual risk of needing some type of long term care in your lifetime is 50%. This risk is significantly higher than the risk associated with other life events. Here are some of the following probabilities for other life events:                                  

-Probability of losing a home to a fire is 1 in 1,200 (or 0.08%)

-Probability of having a car accident is 1 in 240 (or 0.4%)

-Probability of a hospital costing $30,000 is 1 in 15 (or 6%)

Most people have car, homeowners and health insurance, but they haven’t planned for financing long term care. The average cost of Long Term Care in California in a nursing home is $76,000 per year and can cost as much as $125,000 per year for home care. The average length of time to need long term care may range from 2-3 years. Just think, we have a 50% chance of this happening to us.