US long term care insurance is asset protection. The payer of last resort for things like nursing home care is Medicaid. If you don't have any assets, it starts paying right away. If you have assets, those go first, then Medicaid kicks in.
So long term care insurance is for people that want to preserve their assets and/or receive care beyond what Medicaid will fund.
So long term care insurance is for people that want to preserve their assets and/or receive care beyond what Medicaid will fund.