Long-term care (LTC) Insurance is coverage that provides nursing-home care, home-health care, personal or adult day care for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs. Long-term care is usually very expensive, which is why most people need this type of insurance. For example, nursing facilities providing skilled care may charge $150 to $300 on average per day. This is can cost more than $80,000 a year.