Which policy is specific for covering long-term care expenses?

Long-term care insurance is specifically designed to cover the expenses associated with long-term care services, which may include assistance with daily activities such as bathing, dressing, eating, and custodial care in nursing homes or assisted living facilities. This type of insurance is crucial for individuals who may require prolonged care that is not typically covered by standard health insurance policies, Medicare, or Medicaid.

The nature of long-term care needs can be very different from those covered under other insurance types, which tend to focus on acute medical problems rather than the ongoing and often non-medical assistance required by individuals with chronic conditions or disabilities. As such, long-term care insurance fills a critical gap in financial planning for aging individuals or those with disabilities, ensuring they have the means to cover these significant costs over potentially extended periods.