Which type of insurance is specifically designed to cover long-term care expenses?

Long-term care insurance is specifically designed to cover expenses associated with long-term care needs, such as nursing home care, assisted living facilities, or home health care. This type of insurance provides financial support for individuals who may need assistance with daily living activities due to chronic illness, disability, or age-related conditions.

The primary purpose is to alleviate the financial burden that can arise from extended care situations, which are typically not covered by traditional health insurance or Medicare. This specialized insurance allows policyholders to plan for future long-term care services and helps ensure that they can receive the necessary care without depleting their savings or relying heavily on family support.

In contrast, life insurance is intended to provide financial security to beneficiaries upon the insured's death, while health insurance primarily covers medical expenses related to illness and injury. Disability insurance focuses on providing income replacement for individuals who are unable to work due to a disability, rather than covering the costs of long-term care services.