Long-Term Care insurance helps to alleviate the costs associated with nursing home care. Most policies today also either offer or include in-home coverage which would help defray the costs of a health care person coming into your home to help you with your activities of daily living.
LTCi works in one of two ways; reimbursement or indemnity. You essentially are purchasing a pool of money that is designed to pay x amount of money per day over y number of years. With reimbursement your policy would reimburse you for the costs of services that you received up to your daily benefit amount. If you did not receive services then your daily benefit amount would remain in your pool of money. With indemnity benefit you will receive your daily amount regardless of whether you use that money or not.
Anyone that would like options and choices during their retirement and elder years. The biggest benefit of LTCi is that it will allow you the decision of how long you stay in your home, which nursing home you go to and how much money will be passed on in your legacy.