What is Long Term Care Insurance?

Definitions of LONG TERM CARE INSURANCE

Long-term-care insurance, like all insurance, requires you to pay a premium on a regular basis so that you don't have to pay a huge amount later on in the event of a catastrophic illness or condition. Long-term-care insurance covers services for people who are unable to care for themselves. Long-term-care insurance can pay for long-term care, either in an institution (such as a nursing home) or in a residence, such as an assisted living facility or in one's own home. Because most people prefer an assisted living arrangement, rather than living in a nursing home, they benefit by having insurance to help pay for what they prefer. The most common reasons that people need long-term-care insurance are:

a prolonged illness, such as cancer
a degenerative condition, such as Parkinson's or a stroke
a disability
a cognitive disorder, such as Alzheimer's disease
http://www.helpguide.org/elder/long_term_care_insurance.htm

Long Term Care Insurance includes a wide range of medical and support services for people with a degenerative condition (e.g. Parkinson's, stroke, etc.), a prolonged illness (cancer) or cognitive disorder (Alzheimer's). Long Term Care Insurance is not necessarily medical care but rather "custodial care." Custodial care involves providing an individual assistance with activities of daily living or supervision of someone who is cognitively impaired.
http://www.mrltc.com/long-term-care-basics.html

Long-term care insurance helps protect your assets and income from the high costs of long-term care by providing benefits to help pay for that care.
http://www.thrivent.com/insurance/longterm/ltcinsurance.html

In general, this term describes policies that help cover the cost of an individual's care or supervision over the course of an illness, disability, or simple aging. Long term care insurance is not a cheap policy, but because more than half of all Americans will need long term care during their lives, it can be invaluable in protecting assets and savings later in life. Why is this type of policy so important? Because standard health policies, Medicare, and medigap rarely cover the kind of extensive and/or flexible care many Americans will require at some point in their lives. And while Medicaid does cover many of the same things long term care insurance does, you generally won't qualify for the coverage unless you have little or no savings and assets; (no, you should not start spnding money willy-nilly now to insure that you qulify).
http://www.healthinsuranceindepth.com/other-long-term-care.html

Long-term care insurance is designed to pay for the cost of your care in a variety of settings, including a nursing home if you can no longer care for yourself independently. Long-term care policies vary widely in their coverages, limitations, and exclusions. A good policy covers the costs of round-the-clock nursing home care, including that given at custodial, intermediate, and skilled levels. The policy may also cover any expenses associated with assisted-living residences provided that the facility is state certified. Adult day-care centers are often covered as well, as is respite care, which is the temporary professional care you'll need if your regular caregiver is on vacation. Policies will also pay for at-home care provided by registered nurses; respiratory therapists; physical, occupational, or speech therapists; registered dietitians; or licensed social workers. Policies may also cover the cost of caregiver training for a family member or friend. Finally, the insurance may cover the cost of an independent health-care professional, such as a registered nurse, who will act as your personal care consultant. Such a benefit gives you an objective person with whom you can discuss the quality of your care.
http://www.360financialliteracy.org/Life+Stages/Retirement/FAQs/Health+care+issues/What+is+long-term+care+insurance.htm

Long Term Care insurance is nursing home and in-home care insurance. You may purchase long term care insurance for yourself, your spouse, your parents, in-laws and/or grandparents.
http://hr.nd.edu/questions/faq_ben/faq_ben_ins_ltc_ins.shtml

Long Term Care Insurance (LTCI), is an insurance policy that is specifically geared to cover some or all of the costs of long term care outside of the hospital. The decision about whether or not to purchase LTCI is an important aspect of Financial Life Planning. LTCI may protect an individual from a large financial loss and may assure better choices about the type and quality of services received if long-term care is necessary.
http://www.washington.edu/admin/hr/benefits/ltc.resources.html

Long-term care insurance provides at least twelve consecutive months of coverage for health services received in a place other than an acute care unit of a hospital or similar facility. The services are given to patients who suffer from chronic physical or cognitive impairment.
http://www.state.me.us/pfr/ins/ltcare.htm

Coverage that, under specified conditions, provides skilled nursing, intermediate care, or custodial care for a patient (generally over age 65) in a nursing facility or his or her residence following an injury.
http://www.be-insurance-smart.com/insurance-glossary.html

The insurance which pays for a succession of care giving services for the elderly or chronically ill. This care may be provided in a facility (nursing home, mental hospital, etc.) or in the individual's home with a nurse or aide.
http://www.ltcis.biz/glossaryj-z.html

A policy designed to help alleviate some of the costs associated with long term care, such as nursing home or home health care costs.
http://www.in.gov/fssa/community/glossary1.html
Long-term care insurance, an insurance product sold through a licensed insurance agent (one who represents the insurance company) or an insurance broker (one who represents the policyowner) in the United States, helps provide for the cost of long-term care beyond a pre-determined period.
http://en.wikipedia.org/wiki/Long_term_care_insurance