Money is fungible.  Most of what’s called long-term insurance is short-term care insurance because it only covers the first few years, and is more in the nature of prepaying an expense.  The purpose of insurance is to protect against something that’s unlikely to occur but would be a hardship if it were to occur.  The ideal policy would cover the cost of care for life, but wouldn’t pay for the first few years, since a large number of people will need care for a few years.

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