The cost of long-term care has risen materially over the past few decades, creating financial hardship for millions of aging Americans and their families. As the cost of care continues to increase, so too does the need for a sound strategy for managing these potential costs. Purchasing long-term care insurance is one such strategy. This article discusses the structure of long-term care insurance, its advantages and drawbacks, and some key points to consider when deciding if long-term care insurance should be a part of your broader financial plan. In addition, we examine some alternative methods of managing this potential risk.