What is one main purpose of long-term care insurance?

The main purpose of long-term care insurance is to provide financial resources for ongoing care expenses. This type of insurance is specifically designed to help cover the costs associated with long-term care services, which may include assistance with daily activities such as bathing, dressing, and eating, as well as care provided in nursing homes, assisted living facilities, or through in-home care arrangements. Long-term care can be essential for individuals who become incapacitated due to aging, illness, or disability, and the associated costs can be substantial. This insurance helps policyholders manage these potential financial burdens, ensuring they have access to the necessary care without depleting their savings or placing a strain on family resources.

Other options, while related to financial planning, do not align with the primary purpose of long-term care insurance. Funeral expenses, temporary unemployment income replacement, and home renovation costs for elderly patients fall outside the scope of what this insurance is intended to address.