What Is Long Term Care Insurance?
Definition of "What is Long Term Care Insurance?"
Long-term care refers to a broad range of medical and personal care services designed to assist individuals who have lost their ability to perform activities of daily living without assistance. In such cases, long-term care insurance provides coverage for both medical and non-medical services provided in a patient's home, a nursing home, or an assisted living facility. Unlike Medicare or most private health insurance plans, which pay primarily for hospital stays or doctor visits, long-term care helps pay for the cost involved in providing assistance with activities of daily living.
Popular Insurance Questions
Popular Insurance Glossary Terms
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Relinquishment of rights in an insurance policy or pension plan. For example, by withdrawing contributions to a pension plan, an employee forfeits future retirement benefits under that plan. ...
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