Lifetime Limits
Sometimes referred to as “Maximum Lifetime Benefit” it is the set limit on the amount of benefits that a Long-Term Care policy will pay. These limits are set in terms of either years or dollars, but not both
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
Homemaker Services
This provides additional services in a Long-Term Care policy for a person to provide laundry, housekeeping, transportation, and shopping assistance when provided in conjunction with other home care services.
Categories
Topics
Care Types
Cognitive Impairment
Cognitive Impairment or cognitive loss describes when an individual starts to have problems remembering things being a short-term or long-term memory.
Informal Care
This is care provided by family or friends.
Step-Down
A feature on a Long Term Care policy which allows a policyholder to reduce coverage in exchange for a lower premium.
Bed Reservations Benefit
If you are receiving benefits under a Long-Term Care policy and you need to leave a facility (assisted living facility, memory care facility, or nursing home) the policy will continue to pay to “reserve” your room or bed at the facility even though you are not there.
Pre-Existing Conditions
A pre-existing condition is a health condition that an individual had before they applied for Long-Term Care Insurance.
Simple Inflation
A rider on a Long Term Care policy where the benefit increases by a fixed amount per year based on the original starting amount.
Tax-Qualified Policies
A tax-qualified Long-Term Care Insurance policy is a policy that meets federal guidelines. These policies are eligible for federal and state tax incentives and deductions.
Hands-on Assistance
Hands-on assistance describes a type of care where a caregiver must physically help an individual with daily tasks.
Annuity
An annuity is an insurance contract that acts as a savings vessel, providing stable income in old age.
Short-Term Care Insurance
Short-term care insurance covers custodial care for short durations, usually up to one or two years.
Assisted Living Facility
Personal care and health services for people who need assistance with activities of daily living.
Sponsored