What Is The Definition Of Long Term Care Insurance?

  1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    Long term care insurance is a morbidity product offered by insurance companies to pay for expenses incurred from assisted living and nursing home care. Long term care insurance helps mitigate the cost of extended elder care during retirement. With longevity risk ever increasing, long term care insurance is a must in retirement planning.
    Answered on September 12, 2013
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    Peggy MacePRO
    Most of the U.S.
    Financial Dictionary on the internet has the best definition for long term care insurance that I have found. It defines long term care insurance as "insurance  purchased against the possibility that the benficiary will require long-term medical care for a debilitating but non-life threatening condition." 
    Answered on September 12, 2013
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