Long-Term Care Is Costly, and So Is the Insurance

One of the more terrifying financial scenarios anyone can imagine is to be old, sick and broke. To guard against that possibility, more Americans than ever are snapping up long-term care insurance to cover the costs of living in a nursing home or having medical assistance in their own homes.

According to the Health Insurance Association of America (HIAA), the number of Americans who have bought insurance for long-term health care has more than tripled over the last decade, from 1.9 million in 1990 to 6.8 million in 1999.

But before you rush out to buy insurance, think long and hard about what you need in a policy -- or whether you need a policy at all. Though long-term care insurance is bound to appeal to the likes of aging baby boomers, the policies are pricey and complicated. If you buy a policy at all, you'll want to make sure you get your money's worth.

Why Would You Need Insurance?

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