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
Restriction on the benefit that owners and other highly compensated individuals may receive from a qualified pension or other employee benefits. The U.S. Tax Code requires that benefits ...
Cost of an annuity. Annuities are often paid for in a lump sum rather than annual or other periodic payments. This sum, which guarantees an income, usually for life, is called the purchase ...
Interest of a beneficiary in the proceeds of a survivorship annuity. ...
Act first passed in 1962 that permits the self-employed individual to establish his or her own retirement plan. This individual can make nondeductible voluntary contributions and ...
Increases (decreases) in capital assets (such as stocks and bonds) between the date of purchase and the date of sale. ...
Act by a company that authorizes an agent to act on its behalf. ...
Amount of insurance coverage that an insurance company is willing to write on a given category of business. ...
Coverage giving income benefits to surviving family member (s) if one member should die. These include the family income policy, family income rider, family maintenance policy, and the ...
Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon ...

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