General insurance protects you and your assets from the financial risk of something going wrong.
It can’t stop something happening, but if something unexpected does happen that is covered by your policy it means you won’t have to pay the full cost of a loss.
The vast majority of older adults receive long-term care at home, not in nursing homes. But few people plan for this expense.
Nor do they see long-term care insurance as a viable option — because it’s expensive and is often seen as protection against the cost of nursing home care.
That should change, some experts contend. If the long-term care insurance industry focused more on helping people cover home-based services, they argue, policies would be more affordable, and potentially appealing.
“Long-term care” means day-to-day help to live as you live now. Many people think of long-term care as strictly nursing home care, but that’s false. It can include much more, including help with activities of daily living, home care, and adult day care. Long-term care insurance — sometimes called nursing home insurance or senior care insurance — is one way to pay for long-term care.
Coverage varies but often includes