A guide to who should consider buying a long-term care insurance policy, what these policies do and don't cover, what age to consider buying it and the newer versions known as hybrid policies and 10-Pay policies. Our guest: Brian Gordon, a long-term care insurance policy expert with Gordon Associates in Bannockburn, Ill.

For further research:

• What to Know About Long-Term Care Insurance | Next Avenue
• Most Americans age 65 and older will need some type of long-term care during their lifetime
• On average, an American turning 65 today will incur $138,000 in future long-term care costs
• Brian’s long-term care combo policy example:
  • 63-year-old woman, Illinois resident, non-tobacco user
    • Initial benefit: $5,000 per month
    • Guaranteed six years of care
    • Compounded inflation rider
    • 90-day elimination period
    • $120,000 death benefit
    • Outright cost: $99,298
    • Cost paid over 10 years: $12,605