What is the primary purpose of long-term care insurance?

The primary purpose of long-term care insurance is to provide coverage for services related to extended care needs, such as assisted living. This type of insurance is specifically designed to help individuals pay for the costs associated with long-term care, which can include a variety of services such as help with daily activities (bathing, dressing, eating), custodial care, and skilled nursing care that may be required due to chronic illnesses, disabilities, or age-related issues.

Long-term care services can be quite expensive, and this insurance helps alleviate the financial burden by covering these costs, allowing individuals to receive the necessary care in a timely manner without depleting their savings. These services often extend beyond what health insurance or Medicare typically provides, which further underscores the unique role of long-term care insurance in addressing the specific needs of individuals who require prolonged care support.