Describe "long-term care insurance".

Long-term care insurance is designed specifically to cover the costs associated with ongoing personal and custodial care needs that individuals may require as they age or when facing chronic illness or disability. This type of insurance typically helps to pay for services such as assisted living facilities, nursing home care, and in-home care services that are not usually covered by regular health insurance or Medicare.

Unlike coverage for short-term hospital stays, long-term care insurance focuses on the services needed over extended periods, which can last for months or even years. It is not limited to those aged 65 and older, as individuals may need long-term care at various stages of life, particularly as they experience health challenges. Furthermore, while there may be discounted plans for rehabilitation services, long-term care insurance provides comprehensive coverage for daily activities and personal care, rather than just rehabilitation or brief services.