What is it?
Long Term Care Insurance helps pay for extended care, including nursing home care, for a specific period.
Some policies cover home health care, assisted living, adult day care and other benefits, including cash to pay family members for this care. Other policies include life insurance.

Rates, including increases and policies must be approved by the state Commerce Department.

What's its cost?
Premiums vary widely, based on age, health, coverage period and other factors. The average policy costs about $1,400 a year. At age 45, rates generally are $1,500 to $3,000 a year; at age 65, $3,000 to $6,000, at 75, $7,500 to $15,000.

Why buy it?
People with $200,000 to $1.5 million in savings should consider a policy, the Commerce Department said. Consider it if you can afford it and want to leave your savings to heirs rather than spend it for your care; to avoid relying on Medicaid for nursing home care in old age, or to ensure more choices in care.

What if premiums rise? Your agent may be able to adjust your policy to lower the benefit so that you can continue to afford the premium.