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
Payment of premiums and benefits as they come due. In pension plans, known as the "pay as you go basis." The plan depends on new employees coming into the work force so that their ...
Independent agency supported by the insurance industry that tests a variety of materials, products, and devices, such as appliances and electrical equipment, to assure that they meet safety ...
Reductions in the value of property due to physical damage or destruction. ...
Assumption of liability through contractual agreement by one party, thereby eliminating liability on the part of another party. An example is a railroad sidetrack agreement with a ...
Type of employee savings plan under which an employee may contribute up to a specified percentage of the salary on an after-tax basis and the employer matches the employee's contribution up ...
Risk management technique for identifying risks and taking steps to minimize losses. ...
Means of paying the cost of benefits of pension plan participants including retirement, death, and disability. ...
Limit allowed by law on employee salary reduction plans. Many pension plans, as well as the popular 401 (k) plan, allow employees to set aside pre-tax dollars in a company-sponsored ...
Type of insurance that provides a single aggregate limit of coverage within the insurance policy terms, thereby limiting the insurance company's liability for a risk transferred to it. The ...
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