Long Term Care policies help pay for nursing homes and/or in-home care. Most people think these policies are something that’s needed for later in life, and while this is usually true, many younger people need this type of policy due to an accident or sickness that lays them up for a long period of time, maybe for the rest of their lives. These policies are not inexpensive, but when you compare the price of these policies to the fact that the average cost of a nursing home in the Tampa Bay area is around $7,000 per month, the premium just might be worth it. Policies can be purchased as a monthly premium or can be purchased with a lump sum of money. This policy will act as both a Long Term Care policy and life insurance policy.