Moses says there's a 20 percent chance people over age 65 will need long-term care for five years or more. "You can't buy fire insurance when your house is in flames," he remarked. "Likewise, you can't buy long-term care insurance when you already have Alzheimer's Disease. Savvy consumers need to look at long-term care through the windshield, not through the rear view mirror to understand the future risks and plan accordingly."

Moses emphasizes it's time for consumers to think ahead and prepare for how to pay for long term care privately - through savings, home equity or insurance.

[See 25 states report double-digit growth of LTCI policyholders]

But to have an effective conversation with someone about how to plan for long term care needs requires that person to be in a right mindset.

“In brief, starting to plan financially for long-term care, is more about mindset than a specific age,” said Andrew Bucklee, head of Lincoln MoneyGuard Solutions Distribution. “But, once a person starts hitting retirement age the risk of long-term care becomes much more relevant. Unfortunately, at this point it often is too late.”

According to panelist Bill Moss, director of Home and Community Services for Washington State, Washington has seen steady caseload growth over the past decade and “we expect to see that caseload growth increase dramatically as the boomer population begins to reach a point where they will be in need of long-term care services.”

Moss says future steps to accomodate growing case loads include providing information and counseling, empowering clients to understand responsibility, supporting shared responsibility and self-management, and developing helpful programs.

Suzanne Schmitt, senior consultant for Lincoln Insights, offered insight as to why talking to clients about long term care planning might be difficult. The reasons include the indepencence felt at mid-life, and a reluctance to accept that indepencence will be challenged by needs for care. It's an "over-confidence effect," Schmitt says, a belief by an individual that they can beat the overwhelming odds that they'll eventually need care as they age.

It's all part of behavioral economics, according to Schmitt. "Through extensive research conducted by Lincoln Financial Group, our findings have concluded that to many consumers buying a long-term care plan gave them a sense of helping to extend their ability to remain independent," she said. “Many felt having the conversation about long term care and putting a plan in place helped them to ensure greater control over when, where and how they wanted to receive care, should they need it.”

“The good news is that when you do pay privately you command red carpet access to top quality care in your own home or the very best care facilities,” Moses added. “That cannot be assured if you rely on Medicaid, which often pays nursing homes and other long-term care providers less than the cost of providing the care,” he said.

[See 5 most affordable states for private long term care]

According to Bucklee, it's critical to ensure Americans are properly educated and that they understand the risks they face, the sense of urgency needed to properly prepare for possible long-term care issues in the future, and the funding options available for mitigating those risks. “Once people are in the right frame of mind consumers should discuss long-term care issues with their loved ones and with their financial advisors.”

In addition, “we are expecting significant growth in the 65-plus population over the next decade and what can only be categorized as alarming growth in the following decade. Over the next two decades our caseloads could more than double. Unfortunately, I am not aware of any revenue forecast that is predicting anywhere near that kind of growth. Consequently, Washington and other States will need to modify their programs in a way that maximizes the use of informal support from the communities, family and friends, and we will also be developing programs that assist individuals in taking charge of their future and responsibility for funding their long-term care needs.”