What would a good decision process for planning how to pay for future long term care look like?

When the household's goals are considered, long term care planning is a risk management decision rather than a simple investment comparison. For this planning decision, medicare generally does not cover ongoing custodial long term care, while Medicaid has financial eligibility rules. When the options are compared, estimate the cost of care in the area, the household's likely retirement income, liquid assets, home equity, family support, and how much risk the household can comfortably self fund.