NEW YORK — The U.S. Department of Health and Human Services estimates that by 2020 there will be 12 million Americans requiring long-term care and it will come at a high price. The average cost for nursing homes hovers around $74,000 a year and is expected to go on rising.

If you're worried about the cost of care giving taking a bite out of your legacy, it may be time to think about buying long-term-care insurance. Sandy Praeger, president-elect of the National Association of Insurance Commissioners, answers some questions about long-term-care insurance:

Q. Who can benefit from it?

A: People who want to protect their assets from being entirely eaten up by care expenses. The average stay in a nursing home is 24 months to 26 months, which can easily cost more than $150,000. Rather than paying out of pocket, those with means would be better off taking out a policy covering two years worth of nursing-facility or home-care expenses, says Praeger.

Q: What does long-term-care insurance cover that standard health insurance and Medicare don't?

A: Long-term care covers maintenance fees such as cooking, cleaning or in-home nursing. It also covers many of the costs associated with caring for people with on-going health problems such as Parkinson's disease or Alzheimer's. Health insurance generally doesn't, because it's designed for acute care.

Q: How much does it cost?

A: The price of a policy depends on the services it covers and how many years it spans. The younger you are when you apply, the better rate you're likely to get. Praeger suggests signing up in your 50s.

Q: Should everyone get long-term-care insurance?

A: If your combined social security benefits and retirement savings are less than $50,000 per year, you should not buy long-term-care insurance.The cost of care is so high that this group is likely to run through their savings quickly, and then they become eligible for Medicaid, which covers many of these expenses, Praeger said.