Long-term care is designed to help pay for long-term medical and non-medical services that would otherwise be paid out-of-pocket. Some policies cover nursing home care, while others include coverage for an entire range of services such as care in an adult day care center, assisted living, medical equipment and formal and informal home care.
Long-term care policies pay benefits for you and anyone else you designate, such as your spouse, parent or child. Depending on the policy, it will either pay a fixed amount or reimburse you for services provided.