Dear Carrie: I'm a single, 43-year-old female and have saved money my entire life. I keep hearing about long-term care insurance. Is this something I should buy? -- A Reader

Dear Reader: As our population ages, it's not surprising that you're hearing more and more about long-term care (LTC) insurance. According to the U.S. Department of Health and Human Services, 9 million Americans are expected to need long-term care this year. As of 2020, that number goes up to 12 million. Other stats suggest that at least 70 percent of people over age 65 will require some type of long-term care at some point in their lives.

While these numbers might seem to make a strong case for LTC insurance, when it comes down to making an individual decision, it's not so cut and dry. A lot depends on your personal and financial circumstances.

For instance, if you have family to help care for you, that might minimize your need (realizing, of course, that providing on-going care can be a huge task for anyone). Or paying for care out-of-pocket may be an option for those with considerable assets. At the other extreme, people with a low net worth might qualify for long-term care provided under Medicaid. For many, though, LTC insurance can be a good choice. It's really a matter of looking at a number of factors and seeing what makes sense. Following are some of the things for you to consider.

The cost of long-term care

Long-term care refers to help with what insurers call the "activities of daily living" such as bathing, dressing, eating, using the bathroom and moving, and may include home health care, adult daycare, nursing home care or a group living facility. The cost of this care can be staggering -- from $10,000 to upwards of $150,000 per year depending on where you live and the type of care you need. And what many don't realize is that Medicare and other types of health insurance don't cover most of this type of care. For instance, Medicare will only pay for medically necessary skilled nursing and home care, not assisted living costs. And just for the record, Social Security doesn't pay for any type of long-term care.

How LTC insurance fills the gap

LTC insurance is designed to cover a wide range of services. But all policies are not alike, so it's very important to read and understand the fine print. Things to look for include:

-- What medical conditions qualify for benefits?

-- What's covered: Skilled nursing? Custodial care? Assisted living?

-- How long before benefits kick in? How long will they last?

-- What's the daily benefit? Continued...