Long-term care insurance is designed to cover ongoing service needs at home or another facility, as well as other forms of support you may need legally, financially and socially. Support ranges from assistance for daily tasks (bathing, dressing and eating) to community daycare services to skilled care provided by nurses, therapists and other professionals.

Medicare and Medicaid won't cover most of these costs until you have exhausted nearly all of your resources. That's why it's important to think about these issues long before you or a loved one needs this type of care.