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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.
Policyholder's on some Long-Term Care Insurance policies can pay past-due premiums and reinstate their policies in a specified period of time after they have lapsed the policy. If the failure to pay was the result of cognitive or functional impairment additional protections are provided.
A third-party notification is a built-in consumer protection feature in a Long-Term Care Insurance policy that allows the policyholder to designate one or more individuals to receive notice from the insurance company if the policy is in danger of lapsing due to non-payment of premiums.
A home health agency provides in-home care services to those in need.
Medigap or Medicare Supplement are private insurance policies which will pay for medical services that are approved but not paid by Medicare.
Rate increases on existing Long-Term Care Insurance policies may be sought by an insurance company only if they prove a substantial need based on actuarial reasons and impacting a "class" of individuals.
In a Long-Term Care Insurance policy, this is a common contractual language that provides the insurance company to apply inflationary benefit increases to the remaining benefit pool of money within the policy instead of using the original amount.
Outpatient care involves skilled care that does not require the patient to remain overnight.
An alternative care benefit is a Long-Term Care Insurance provision that provides benefits not explicitly outlined within the original policy.
Policyholder's on some Long-Term Care Insurance policies can pay past-due premiums and reinstate their policies in a specified period of time after they have lapsed the policy. If the failure to pay was the result of cognitive or functional impairment additional protections are provided.
If the long-term care benefit is not used or is only partially used, the unused death benefit is paid out to policyholder’s heirs like any other life insurance policy or annuity would do.
Usually, the policyholder can choose between Simple and Compound increases. Simple increases add the same dollar amount to the monthly or daily benefit each year.
The daily benefit for an LTC Insurance policy is the maximum amount of benefits the policy will pay for long-term care services on any given day of an active claim.
Home health aides help individuals with their long-term care and personal care needs. These professionals are also known as personal care aides.