National statistics show that 70% of Americans will need some level of long-term care, which can be a range of services and support to meet your personal care needs. Most long-term care might be considered non-medical or custodial care.

The insurance industry definition of long-term care is when you cannot perform two of the six activities of daily living: toileting, transferring, eating, dressing, bathing, and continence. Significant cognitive impairment might also result in the need for long-term care.

The cost of long-term care will vary depending on where you live. You will need to research the cost of long-term care for your local area. Levels of care might include an Alzheimer’s disease/dementia care unit, nursing home care, assisted living, in-home care, and adult day care. In many parts of the country, the cost can be over $100,000 a year.

[RELATED: Long-Term Care Resources From MOAA]

The basic cost of a long-term care insurance policy is determined by your age and any health issues you might have as well as decisions you select for coverage. These might include daily benefit, home care, benefit period, lifetime benefit, and elimination period, which are all part of the basic premium. Generally, the younger you are when you buy a policy, the lower your premium will be. However, depending on the policy, the premium might not be guaranteed, and the insurance company might increase the premium.

Adding to the complexity of long-term care insurance policies are numerous riders (options) available. Every rider you choose will increase the premium cost but will also add an enhanced overall benefit. Some, but not all, of the riders available might include: percentage benefit increase, spousal shared care, waiver of premium, spousal survivorship, international benefit, cost-of-living adjustment, nursing care, nonforfeiture, shortened benefit, and paid-up benefits.

[RELATED: MOAAInsurance.com]

The premiums you pay for a qualified long-term care insurance policy might be included as part of your medical expenses if you itemize deductions on Schedule A on your IRS form 1040 instead of taking the standard deduction.

A long-term care insurance policy also gives you choices as to what facility you use or if you choose to stay in your home and have home health care.

The long-term care insurance industry is continuing to evolve with new and enhanced products, such as providing a death benefit if you never use it for long-term care and guaranteed fixed premiums.

Consult with an elder law attorney and a trusted financial advisor when doing your research. But please, discuss this with your spouse and plan now.