It is a good idea to plan. Some of the planning is not financial, but that is usually one of the biggest concerns for most people.
IMO, LTC insurance with inflation protection is a good idea... assuming you and/or your wife are insurable and can afford it. Even though premium costs have been increasing, insurance is often a good way to lay off much of the risk. It might seem expensive, but so is the cost of LTC.
You can find all kinds of planning information/resources on the internet.
It would be a good idea to acquaint yourself with your State's Medicaid rules about LTC, just so you understand them... if for no other reason, just in case. Understanding the rules are helpful in planning for worst case scenarios if you or your spouse wound up on Medicaid.... since you mentioned a concern about the pile being big enough.
It looks like Florida has a Long-Term Care Partnership Program. If you are considering LTC insurance, definitely worth a look. Many states have these programs now days to encourage people to buy LTC insurance.
AHCA: Florida Long-Term Care Insurance Partnership Program
Average or Median nursing home costs in areas can be found on the internet by state, but costs vary by town and facility. You can call specific facilities in your area, they will tell you... probably email you a fee schedule if you ask. Same goes for Assisted living.
Quote:
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2012 median cost of care data as provided by Genworth for certain areas of Florida
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Florida Long Term Care Insurance Costs, Information, Partnership Policies and Quotes for Miami, West Palm Beach, Tampa, Jacksonville & More
Some basic planning info
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