Any-occupation coverage pays benefits if you can't work at any occupation for which your education level and training has prepared you. Thus, if you can no longer perform the duties of a nuclear physicist, but you can teach physics at college level, you will not receive benefits. But the risk of needing nursing home care before age 75 is relatively low. Also, most people will not need nursing home care for longer than a year. Your chances of needing long-term care vary with your age, health, family history and longevity, exercise habits, diet, smoking, and gender.
Women are at higher risk because they live longer.
A. Long-term care insurance policies pay a set dollar amount per day for covered care during the benefit period stated in the policy. The older the individual covered, the higher the premium. Some long-term care policies, instead of being based on indemnity, pay daily benefit amounts to the insured rather than paying for actual charges. The elimination period can range from zero to 90 days, or up to one year. The longer the elimination period, the lower the premium.