A study recently released by Mintel suggests many Americans are unprepared to handle a disability or need for long-term care. The study found less than 60 percent of people are familiar with long-term care insurance, and almost three-quarters don't have any kind of long-term care coverage. Thirteen percent said they would like to purchase it, but hadn't "gotten around to it."

"Overall, Americans are not educated about long-term care insurance policies and their benefits," says Susan Menke, senior analyst at Mintel. "Many people either don't want to confront the issue of aging or they view long-term care insurance as too expensive and unnecessary."

According to the survey, cost is the main obstacle in purchasing long-term care insurance; 42 percent of respondents said it was too expensive. Thirty-two percent feel they either won't need long-term care or that Medicare and Medicaid will cover the cost. Almost 20 percent said they don't know why they haven't purchased a policy.