You've got several options when it comes to a long-term care insurance plan, says Gena J. Wolbrecht, Senior Vice President, Platform Investments Executive, Regions Investment Services. To help you decide on a policy, consider these four factors.

1. Where you plan to retire. Cost of living can vary widely by location and so can cost of long-term care. Knowing where you'll live — and the average monthly cost of your desired care — will help you determine how much coverage you need.
2. Your current financial situation. Your net worth and what you want to be able to leave to loved ones will affect how much long-term care coverage you should get. Consider all available assets, including money market accounts, investment accounts, and retirement accounts, and which ones you are willing to tap into if necessary.
3. If you have family nearby. Many people rely on family members to provide long-term care when they need it. If this isn't a realistic option, you may need more insurance coverage.
4. Standalone long-term care insurance vs. a long-term care rider. High-income earners might consider a standalone long-term care insurance policy, but there are other options if you're concerned about the cost, Wolbrecht says. For example, a long-term care rider may be added to some annuity policies — which allows the policyholder access to tax-deferred funds from the annuity for long-term care provisions — if necessary.

Start thinking about your long-term care plan now so you won't have to worry about it in the future.