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Spiraling insurance costs are cutting down your choices. Major carriers like Prudential and MetLife have actually stopped offering individual long-term care insurance policies. Existing policies today cost 6-17% more than they did a year ago.

Still, a long-term care policy is important to protect against depleting your savings in the event you need extended care. You can reduce your costs by limiting coverage to 3 years, which is enough for 92% of cases. Also, buy as much inflation protection as you can afford—at least 3% yearly.

This information was summarized from the article “What’s Next for Long-Term Care Insurance” in Money magazine, May 2012, p. 18.