Long-term care insurance helps to cover the cost of long-term care. This may be for reasons of age or early onset of debilitating illnesses.
Long-term care insurance provides a weekly payment if you are unable to perform two of the six basic daily-living functions: bathing, dressing, toileting, transferring, continence and feeding. Owning long-term care insurance is a way to have some or all of the costs associated with long-term care covered for a period of time, or for life.
Long-term care has some overlap with long-term disability insurance. The latter may provide ongoing income if you are unable to work, but it ends when you retire. Long-term care provides extra money at the time when expenses may rise due to the need for additional care, including at end of life.