Long-term care insurance is a type of insurance policy designed to cover the costs of long-term care services, such as assistance with activities of daily living, nursing home care, and home health care.

Individuals who are concerned about the potential costs of long-term care services in the future should consider purchasing long-term care insurance. This may include older adults, individuals with chronic health conditions, and those with a family history of needing long-term care.

When choosing a long-term care insurance policy, it’s important to consider factors such as the cost of the policy, the benefits offered, the coverage limits, the elimination period, and whether the policy includes inflation protection.

With long-term care insurance, you pay premiums to the insurance company in exchange for coverage of long-term care services when needed. When you require long-term care, you can submit a claim to the insurance company to receive benefits based on the terms of your policy.

If you don’t end up needing long-term care services and don’t use your insurance benefits, you won’t receive a refund of the premiums you’ve paid. However, some policies offer a return of premium rider that may provide a partial refund of premiums if you never use the benefits.