Long-Term Care (LTC) Insurance Glossary of Terms
- Accreditation -
- A formal Recognition stating that a particular Insurance Company is meeting the standards of the Industry.
- Adult Day Care -
- A program for assisting elderly, weak or impaired adults providing them support in a group setting on a daily basis.
- Alzheimer’s Care Center -
- A treatment center created to care for and supervise those with Alzheimer’s
- Amendment -
- These are the changes in the terms of an Insurance policy which are signed by the Insurance Company as well as the policyholder.
- Benefits -
- The Money the Claimant receives from the Insurance Company.
- Benefit Options -
- These are a list of available benefits provided by each Insurance carrier.
- Care Manager -
- An advisor trained to help you and your family with all of your care plans.
- Claim -
- The claimant requests to receive a payment or reimbursement for expenses due to illness, disability, etc.
- Contract -
- A written document binding two or more parties to specific terms and agreements.
- Deductible -
- The amount of money the claimant has to pay before the Insurance Company takes over the responsibility for the rest of the expenses.
- Eldercare Locator -
- A national hotline created to help people find Long Term Care services in their area.
- Financial Soundness -
- Comparison of the assets and financial ratings of insurance carriers for the purpose of working with the strongest one.
- High Risk Individuals -
- People who have pre-existing health conditions that may be at a higher risk of having medical expenses.
- Informal Caregiver -
- Relatives or a spouse who takes on the responsibility of providing care for the individual without receiving any wages.
- Lapse -
- Non-payment of premium will cause your Insurance policy to end or lapse
- Level Premium -
- An insurance policy with a fixed premium.
- Married Couples Discount -
- A reduced rate for couples who are approved for coverage on the same policy
- Policy -
- A legal contract which outlines the terms of the policy issued by the insurance company to the policyholder.
- Policy Term -
- The length the insurance policy is in effect, and providing coverage.
- Senior Transportation Services -
- Transportation for seniors so they can get to their medical appointments, shop, etc.
- Validity of Claim -
- A process to verify that a claim is accurate and truthful.
- Waiver -
- Exempts from coverage of specific injuries and diseases that would normally be covered under the policy
How can I find out more information?
When you request your free no obligation long term care quote you will receive the Free Insider’s Guide to Long Term Care . Giving you the chance to learn even more about your options and speak with a licensed local insurance professional in your area...Take me There.