Information provided focused on the system in the USA.
Long-term Care Insurance - insurance for expenses beyond medical and nursing care for chronic illnesses (nursing home stays...). Medicaid, will only pay for long-term care after most of your savings have been depleted. Long term care insurance can pay for assisted living expense, in your home or in nursing homes (it depends on what coverage you choose). These costs are large, and not covered by normal health insurance.
"Once you are accepted for coverage, your coverage cannot be cancelled for any reason other than non-payment of premium as due, or if you have received the policy's maximum benefits. If you develop one of the health conditions listed above after obtaining coverage, you would be covered for the care you need for that condition." - National Clearinghouse for Long-Term Care Information
Advice on buying long term care insurance from AARP, the Department of Health and Human Services and Consumer Reports. Related:
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