If we think of life as a "terminal" condition, we are left with two basic conclusions: We will all die, and some of us will get very sick before we die. Our loved ones who get very sick often face financial destitution due to the high costs of long-term custodial care in a skilled nursing facility (SNF).

At $8,000 to $12,000 a month, private pay takes most of us only so far before we are broke. Consequently, most patients in long-term "custodial" care in an SNF end up on Medi-Cal.

Medicare is federally funded health insurance for the elderly and disabled. As such, it has no income or resource requirements to meet. If you are 65, or if your disability meets certain criteria, you will qualify for Medicare. Most people also secure supplemental insurance to help pay for Medicare deductibles and co-pays.