Class
This is a group of people in a Long Term Care Insurance policy having the same application date, policy form, sex, issue age, issue year, rate classification and state of the issue in common.
The Complete Glossary on Long-Term Care
Explore clear, easy-to-understand definitions of the terms and concepts that shape long-term care planning. Whether you’re researching coverage options, care types, or planning terms, our glossary helps you make sense of the details so you can plan with confidence.
Term of the Day
Incontinence
This is the inability for a person to maintain control of their bowel or bladder. This could be from a partial loss of control to complete loss control.
Categories
Topics
Care Types
Actuary
An actuary uses data to analyze and evaluate risk. They commonly work with insurance companies, businesses, and government entities.
Limited Payment Options
A premium payment option some Long-Term Care policies offer in which the person pays premiums for a set time period. The options are generally 10 years, 15 years, 20 years, or to age 65.
Accelerated Death Benefit
An accelerated death benefit is when a life insurance policyholder gains access to a portion of their death benefits before death, usually to pay for long-term care or other medical needs.
Section 7702(b)
Section 7702(b) is an integral Long-Term Care Insurance regulation that offers consumers protections and defines how and when policies should cover long-term care.
Deductible
A deductible is an amount of money you’re required to pay out-of-pocket before your insurance policy will start covering the cost of care.
Durable Medical Equipment
This is the type of equipment that is primarily being used for a medical purpose as opposed to comfort and convenience.
Partnership Policies (Partnership Program)
The Long-Term Care Partnership program originated in the 1980s and at that time was implemented in four states: New York, California, Connecticut and Indiana.
Community-Based Services
Community-based services occur outside of long-term care facilities. These services support individuals in their homes and community.
Lapse
This is the termination of a Long-Term Care Insurance policy due to the policyholder's failure to pay the required premium. Many policies have protections against unintentional lapses
Rehabilitation Center
A rehabilitation center is a place for individuals to receive skilled and custodial care directly after an injury, illness, or surgery. The goal of rehabilitative care is to help the individual return to a previous state of good health following a medical event.
Rate Class
A rate class is a category assigned to insurance applicants based on how risky they are to insure. These categories determine how much individuals pay for Long-Term Care Insurance coverage. There are three main rate classes: preferred, standard, and sub-standard.
