There's no good answer to this...we're trying to play the statistical odds that nursing home stays typically average only 1-2 years, but that's such a crapshoot (all three of my g-parents who survived to old age were in full time care much longer than that, and my father who is actively trying to kill himself right now and requires 3/4 time care, is still alive and burning through his fairly substantial nest egg at a rate of 13K/month, so hopefully he doesn't outlive it).
@wenchsenior Sorry if this comes off as insensitive and naive but I'm genuinely curious. The part at the end of the parentheses (the bolded) sounds like you would be okay with your father passing away before poverty sets in. But the earlier line (the italicized) sounds like if your father had his wish, he wouldn't outlive it and thus would not be outliving his nest egg.
Does the facility he stays at not view right-to-die as a valid choice for someone to make? Suicide/right-to-die can be tricky and nuance is important but it is a human right and even if it's one I do or do not agree with. I.e. I can be against something for me personally but that doesn't mean I actively pursue avenues to strip away the freedom from someone else who thought differently. I don't know much about LTC facilities and I get that they wouldn't be (or at least, most would not be, I'm not aware of any laws/regulations) actively assisting, but it just strikes me as a freedom being taken away (again, devil is in the details - is mental illness involved, any pain or suffering, affairs set in order, etc.).
Still, either way what happens at the end of life whether it be the actual end or a LTC facility for years, it's not fun. My extended families are largely within the same geographic area and no one has been in a LTC facility since my great grandfather in the 90s for a spell after his wife passed. There has been some palliative care at home for some loved ones dealing with advanced stages of the big C but no one permanently in a facility. This is partially by design (i.e. moving away for a career/relationship for a time but most who leave do return and most never move outside the metro area to begin with) to have a robust kith and kin network to check in on people, socialize, help out here and there, etc. So this area is pretty foreign to me but I want to be prepared and one day I hope to effectively balance proper care along with the wishes of a loved one.
If this isn't appropriate, please let me know and I can edit to delete the above and only leave the sentences below.
Sounds like self-insuring is the play for those that didn't retire too lean. Perhaps safety really is an expensive illusion.