What is a long-term care insurance policy?

A long-term care insurance policy is specifically designed to cover the costs associated with long-term care services that individuals may require as they age or if they develop chronic illnesses or disabilities. This can include care in nursing homes, assisted living facilities, or even home health care services, which help individuals perform daily activities such as bathing, dressing, and eating.

The focus of long-term care insurance is on providing support for extended periods of care rather than short-term medical or rehabilitation services. This type of insurance is essential because traditional health insurance does not typically cover these types of long-term care needs, leaving individuals to pay out-of-pocket for these expenses. As such, having long-term care insurance can help protect one's savings and ensure access to necessary care when it is needed most.