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Long-term care insurance, also known as LTC, is insurance that will pay all or part of the cost to receive services in a nursing home or assisted living facility. In some cases, long-term care will also cover costs associated with in-home care. As the average life expectancy has increased thanks to advances in medical care, there has been a corresponding increase in the need for individuals to receive care in nursing homes and assisted living facilities. Many traditional health insurance plans, do not cover these costs. Today, the costs for nursing home or assisted living services can run as high as $1000 a day or more. Rather than pay those costs out-of-pocket, many people purchase long term health care insurance separate and apart from their regular health insurance policy.