Long-term Care (ltc)
Day-to-day care that a patient (generally older than 65) receives in a nursing facility or in his or her residence following an illness or injury, or in old age, such that the patient can no longer perform at least two of the five basic activities of daily living: walking, eating, dressing, using the bathroom, and mobility from one place to another. There are basically three types of LTC plans:
- Skilled nursing care provided only by skilled medical professionals as ordered by a physician, MEDICARE will pay a limited amount of the associated cost.
- Intermediate care provided only by skilled medical professionals as ordered by a physician. This care involves the occasional nursing and rehabilitative assistance required by a patient.
- Custodial care provided only by skilled medical professionals as ordered by a physician. The patient requires personal assistance in order to conduct his or her basic daily living activities.
- Renewability policy should be a GUARANTEED RENEWABLE CONTRACT.
- Waiting period-length of time before benefits are paid should not exceed 90 days.
- Age eligibility upper age limit should be at least 80.
- Length of time benefits are paid typically the range is 5 to 10 years. It would be preferable to have benefits paid for life.
- Inflation guard the benefit level should be automatically adjusted each year according to the increase in the costs charged by the long-term-care providers.
- Premium waiver after the patient has received benefits for at least 90 days, the patient is no longer required to make premium payments for as long as he or she is under long-term care.
- No increase of premiums with age premiums should be based on the age at the time of application and should never increase as a result of changes in age.
- No limitations for preexisting conditions there should be no PREEXISTING CONDITION limitations.
Popular Insurance Terms
Independent, nonprofit, membership hospital plan. Benefits provided include coverage for hospitalization expenses subject to certain restrictions: for example, semiprivate room only. A ...
Illness or sickness such as cancer, poliomyelitis, leukemia, diphtheria, smallpox, scarlet fever, tetanus, spinal meningitis, encephalitis, tularemia, hydrophobia, and sickle cell anemia, ...
Inland marine policy to cover liability for goods that belong to clients while in a mover's possession. ...
Cost of doing business, not including pure expectation of loss. ...
Coverage for ships in port for a lengthy stay and/or those that are under repair. Insures on an all risks basis to include the exposures associated with the ship moving from one dock to ...
Right to sell a given security at a stipulated price until a future expiration date. For example, assume the "None-Do-Well" company's stock has a market value of $20. Investor A sells ...
In property insurance, contract section providing for reimbursement for removal of debris resulting from an insured peril. The amount of reimbursement under the homeowners insurance policy ...
Same as term Cargo Insurance: shipper's policies covering one cargo exposure or all cargo exposures by sea on all risks basis. Exclusions include war, nuclear disaster, wear and tear, ...
Financial holdings that can be converted into cash in a timely manner without the loss of principal, such as U.S. Treasury Bills. Liquidity of assets is one of the most important principles ...

Have a question or comment?
We're here to help.