What type of insurance is designed to help cover Long-Term Care expenses?

Long-Term Care insurance is specifically designed to help cover the costs associated with extended care services that may not be covered by traditional health insurance or Medicare. This type of insurance provides financial assistance for services like nursing home care, assisted living, or in-home health assistance when an individual is unable to perform basic everyday activities such as bathing, dressing, or eating.

Unlike health insurance, which primarily covers medical services and hospital visits, Long-Term Care insurance focuses on the unique needs of individuals requiring long-term support, often due to chronic illnesses, disabilities, or cognitive impairments. Life insurance generally provides a death benefit to beneficiaries and is not intended for covering care services, while homeowners insurance is designed to protect against damage to a home and its contents, not healthcare-related expenses. Therefore, Long-Term Care insurance is the most appropriate choice for addressing these specific long-term care needs.