What is the primary purpose of "long-term care insurance"?

Long-term care insurance is designed specifically to assist individuals with the costs associated with long-term care services. This includes essential services such as nursing home care, assisted living facilities, or in-home health care for those who are unable to perform basic daily activities due to aging, illness, or disability. The primary purpose of this type of insurance is to alleviate the financial burden that can arise from needing extended care, which is often not covered by regular health insurance or Medicare.

Emergency medical expenses covered by other forms of insurance do not align with the specific focus of long-term care insurance. Similarly, while health savings accounts can be beneficial for managing medical expenses, they do not provide the specialized coverage for long-term care needs. Lastly, while funeral expenses are an important consideration, they fall outside the scope of what long-term care insurance aims to address. Thus, the focus on covering long-term care costs is what makes this option the most accurate representation of the primary purpose of long-term care insurance.