Long term care insurance is an insurance product that is designed to cover the cost of extended or long term care associated with prolonged debilitating injuries or illness. The policy normally covers the cost of nursing home stays as well as extended in-home medical care.
This type of insurance normally functions as a supplemental rider to a more comprehensive medical policy, and it would not kick in until the patient care and costs extended beyond a predetermined period of time. Those who normally require long-term care are general incapacitated in some way that will not allow them to perform certain basic activities that are required to be independent.
Although the elderly are normally associated with the phrase long term care, the insurance is not age specific; however, more than 60 percent of people over the age of 65 require some sort of long term care.