This helps to provide for the cost of care long - term which goes beyond a predetermined period. This is not covered by health insurance. 

Reasons why employees invest in long term care insurance

• To protect savings: Long-term care costs can help save towards retirement quickly. The median cost of care in a semiprivate nursing home room is $93,072 a year, according to Genworth’s 2020 Cost of Care Survey
• It offers more choices for care: the more money you can spend, the better the quality of care you can get. If you have to rely on Medicaid, your choices will be limited to the nursing homes that accept payments from the government program. Medicaid doesn’t pay for assisted living in many states.