Insurance the ignored component in financial planning
Additionally, he said, the average usage for long-term-care insurance is two years, so buying a policy covering up to five years should be more than enough.
Annual premiums range from $1,000 to $4,000, with people in their 50s and in good health tracking at the low end.
While many people benefit from long-term-care insurance, it isn't right for everyone.
"If you have $2 million to $3 million in investable assets, you may be able to self-insure," Maurer said.
(Read more: Do annuities fit into retirement plan?)
If you're considering a long-term-care policy, it may be wise to buy sooner rather than later— especially if you're a woman, experts say.
While premiums on such policies have historically been the same for women and men, that's changing. Many companies are increasing premiums for women (some by as much as 40 percent) because they live longer and tend to require more long-term care.
—By Jennifer Woods, Special to CNBC.com