Suze Ormans says Long Term Care Insurance is a must have.

On the subject of long-term care insurance, Orman called it "a must if you can afford it."

Long-term care insurance (LTC) is one of the most important insurances anybody can get, from the day you buy it to the day you use it. Average age of entry into a nursing home is 84. If you buy it at 60 and all of a sudden you are 75, you can’t afford it anymore. The insurance company took the correct bet that you’d drop it right around the time that it’s really important. My greatest advice to you would be that if you are going to buy LTC, you need to know that, without a shadow of a doubt, it is going to be an easy expense for you to meet every single year for the rest of your life.

Get insured. We’re living longer than ever before. And with that comes the hard truth that we don’t know how we’ll fare. “That’s why it’s important to get long-term-care insurance in your 50s,” says Orman. It will cover nursing home, assisted living or in-home health care costs, which can take a big chunk out of your bank account—or your kids’!—otherwise. Don’t wait until after 60 to purchase it, however. You’ll face higher premiums and may be denied coverage because of a preexisting condition. Act early and give yourself peace of mind. 

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