Long Term Care Insurance has been around in one form or another since the beginning of Medicare; however, the policies during this time bear little resemblance to today's policies. While early Long Term Care policies were similar to a basic Medicare supplement policy, Long Term Care insurance has evolved and typically covers a broad range of services including nursing home care, assisted living facilities and adult day care. Like other insurance products, Long Term Care insurance allows the insured to pay a premium to protect a potentially unaffordable catastrophic event.