What is the main goal of Long-Term Care insurance?

The primary goal of Long-Term Care insurance is to provide financial protection for long-term care costs. This type of insurance is specifically designed to cover the expenses associated with services that assist individuals who have difficulty with daily living activities due to chronic illness, injury, or age-related issues. These expenses may include nursing home care, assisted living, home health care, and other long-term care services, which can be substantial and are often not covered by traditional health insurance or Medicare.

By having this insurance, policyholders can mitigate the financial burden that long-term care can impose on themselves and their families. It allows individuals to access necessary care without depleting their life savings or relying solely on family members for support. This focus on financial security for long-term care needs is what distinguishes Long-Term Care insurance from other types of coverage that might not provide the same kind of specific support for prolonged assistance and care.