A number of surveys show that many people are unprepared for the cost of a prolonged illness, especially in their senior years.

By unprepared, the surveys mean that not enough folks are buying long-term care insurance, which can cover the cost of nursing homes, assisted-living facilities and in-home care.

You also may need this insurance to cover care associated with other debilitating illnesses, such as Alzheimer’s disease.

This year, about 9 million men and women over the age of 65 will need long-term care, according to the U.S. Department of Health and Human Services.

Even those who have the insurance aren’t always sure how long to carry it.

I recently received the following e-mail from a reader: “I am a 72-year-old woman still working but currently on medical leave due to a corneal transplant. Should I continue paying for the long-term care insurance I started a few years ago?”

The reason she was asking?

This is expensive insurance. The policy for the woman is $1,788 a year. The price for long-term care insurance varies greatly and depends on what type of policy you get and where you live.

But given the reader’s age and the fact that she already has a policy in place, she should continue her coverage, says Ernest Burley of Burley Insurance and Financial Services in Maryland.

Here are a few reasons why, Burley said:

¢ Long-term care insurance “protects assets and helps relieve some of the financial strain from her and family members.”

¢ She has locked into a plan and shouldn’t have to go through medical underwriting again. This is very important, as the plan stays in place as long as she pays the premiums.

¢ There is a 60 percent chance she will use this plan. Six out of 10 Americans who reach age 65 will need long-term care at some point in their remaining lives.

¢ She may be able to take a tax deduction for most (if not all) of her premiums. Check with a tax professional.

Another option is for the woman to contact her insurer and see if she can scale back coverage in exchange for a smaller premium, such as reducing the length of coverage to perhaps three years, suggests Mary Beth Franklin, of Kiplinger’s Personal Finance magazine.

Kiplinger recently launched a new section on its Web site (www .kiplinger.com/yourretirement/longterm) devoted completely to long-term care insurance.

I highly recommend you view this video if you’re considering buying long-term care insurance.