Long-term care insurance covers any help needed if you have a chronic illness or disability and are unable to care for yourself. You may get this care in a nursing home or in your own home. Long-term care insurance covers a wide range of services beyond medical and nursing care, including:
Long-term care is costly. Most long-term care policies are indemnity policies that pay a fixed amount for each day you get care (ranging from $50 to hundreds of dollars per day). Daily benefits for at-home care are at the lower end of the range, while nursing home care is the most expensive.
If you are buying a long-term care policy, consider the following: