For instance, many people want to age in place, yet they have not had a conversation with family about how to make that work.
"So often, individuals make assumptions about their [future care], but they aren't necessarily sharing that with their children," Williams-Kemp said. "Before you're in the situation of needing care, talk with your family members about it."
For adult children — many of who might already be caring for their own children — it's worth the conversation, too. While it can be a tricky conversation to have if your parents aren't the ones to start it, the more information you're armed with, the better prepared you can be.
For example, depending on your parent's financial resources, insurance could minimize certain costs that caregivers might otherwise bear in terms of money or time.
While Medicare is typically available to everyone once they reach age 65, it generally does not pay for long-term care. That is, if someone needs help with daily living activities such as bathing or getting dressed, those costs are not covered.
Long-term care insurance can be an option. As with many types of insurance, the younger you are, the less expensive the policy typically is.
For instance, a 55-year-old man would pay an average annual premium of $1,870 while a 65-year-old pays $2,460, according to the American Association for Long-Term Care Insurance. Women pay more: $2,965 for age 55 and $4,270 for age 65. Married couples usually get a discount.
You also run the risk of not qualifying once you're older because you've developed health problems. About 23 percent of long-term care insurance applicants in their 60s are rejected coverage due to health issues.
Another type of insurance that's growing in popularity is a hybrid insurance policy that combines a traditional death benefit with a long-term care feature. In simple terms, you can use the money from the policy to pay for long-term care.