What type of insurance is designed to cover the cost of medical care for long-term illnesses?

Long-term care insurance is specifically designed to cover the costs associated with medical care for individuals who experience prolonged illnesses or disabilities that require assistance with daily living activities. This type of insurance plays a crucial role in providing financial support for services such as nursing home care, assisted living facilities, and in-home health care, which may not be fully covered by regular health insurance.

Unlike health insurance, which typically focuses on short-term medical expenses, long-term care insurance addresses the unique needs of those requiring extended support due to chronic health conditions. Life insurance, on the other hand, offers financial protection to beneficiaries in the event of the policyholder's death, and disability insurance provides income replacement when an individual is unable to work due to a disabling condition. Hence, the choice of long-term care insurance is pertinent when it comes to addressing costs associated directly with long-term medical care.