Choosing the right long-term care insurance may be the most important retirement planning you do. You hope as with all the other types of insurance you purchase you will never need to use it. The difference with long-term care insurance is that there is a much greater chance of using it than your homeowners, auto or even a catastrophic health event. Statistics indicate that more than half of 65-year-olds today will need long-term care at some point in their lives. So, if you purchase a long-term care insurance policy, there’s a very good chance that someday you will use it.Let’s take a look at what long-term care insurance will do for you as well as your family. This type of insurance covers care for someone who needs help with basic tasks of daily living like bathing, dressing and eating. With long-term care insurance, this type of help can be provided in your home. Long-term care insurance is not just “nursing home” insurance as many people think. Most long-term care policies cover the costs of assisted-living facilities, home care, in addition to traditional nursing home care.Today, less than 15% of long-term care is in a nursing home. Having long-term care insurance is just what you need to keep you out of a nursing home so that you can receive care at home. Don’t most people want to stay in their own homes with their families as long as they can?Long-term care is expensive. According to MetLife’s Mature Market Institute, nursing home care runs an average of $213 a day or $77,745 a year, an assisted living facility is approximately $2969 a month , home health aides $20 a hour, homemaker/companions $18 an hour and adult day services $64 a day. The fact is that worse than needing long-term care is not being able to afford it.It is important to consider that you may not need long-term care for maybe 20-30 years. With this in mind you need to consider the rate of inflation and how much long-term care will cost at the time you will begin receiving care. In twenty years, $213 a day will be $564 a day. So you may have the funds to cover the expense today, but will you have enough to cover the cost of care twenty or thirty years from now.Long-term care insurance plans provide inflation protection which allows for the increased costs in the future. It is highly recommended that you include compound inflation protection in your plan unless you are purchasing a plan in your 70′s or older. Long-term care insurance seems expensive, but compared to what? You can easily save a great deal if you buy a policy while you’re younger and and in good health. If your health is poor, you may not qualify for long-term care insurance at any price.It is important to consult with a Long-Term care Specialist who is independent and shows no bias toward one company or another. He/she will be able to guide you to the company that will provide you the best coverage at the best rate. Don’t forget to ask for the discounts that you qualify for like marital or partner discount, preferred health and applying together as couple’s discount.