How would you prepare for the staggering cost of in-home care?

It is reported that over  25% of those over 65 will need significant support and services for over 3 yrs during their life time. As population ages, this is going to get worse.

In-home care is very expensive. As per Genworth, the median cost of round-the clock in-home care is $290000/yr, which is 2X the median cost of nursing home or 4X the median cost of assisted living. Such costs can destroy retirement savings of  many, or cause significant financial strain to children caring for their parents. Any planned inheritance for children could be wiped out.

Forum had many discussions on long term care insurance and CCRC (Continuing Care Retirement Communities) options. Each has its own pros and cons. Long term care insurance, unless taken very early, becomes very expensive. After serious heath issues, entering CCRC may not be an option. In addition, people want to age-in-place or live in their home as long as possible.

What has been your experience caring for family or friends? How would you prepare financially for in-home care , if you ever need it?