Glossary of Nursing Care Insurance Terms
Activities of daily Living (ADL's) Routines that relate to a persons ability to live independently. These include bathing, eating, dressing, continence, toileting, transferring.
Adult Day Care Licensed day care program providing care, supervision, and assistance for an individual's activities of daily living.
Accelerated Payment Option Ability to pay premiums for a set amount of years and the coverage will automatically be renewed for the rest of your life without any further premium payments.
Assisted Living Facility Independent living facilities that provide on-site services, supervision, and assistance with an individuals activities of daily living.
Benefit Period The amount of time benefits will be paid under a LTCI policy.
Benefit Eligibility Triggers Defined requirements that must be satisfied for the LTCI policy to pay claims. Most likely it is the inability to perform a set number of ADL's and/or suffer from a cognitive impairment i.e. Alzheimer's.
Care Coordinator Licensed care manager that asses your condition, creates a plan of care with your physician, coordinates and monitors ongoing care. Person is usually a Registered Nurse.
Cognitive Impairment Mental deterioration due to Alzheimer's or other forms of Dementia.
Comprehensive Policy This policy pays benefits for all levels of care. i.e. Nursing Home, Assisted Living Facilities, and Home Health Care.
Daily Benefit The maximum daily benefit paid by the policy towards your care.
Elimination Period The number of days you must wait when you become eligible for benefits before the policy pays the daily benefit.
Home Health Care Assistance with activities of daily living in your residence.
Inflation Protection Option to increase original daily benefit by 5% per year credited on a simple or compound basis.
Long Term Care Insurance A specific type of insurance policy designed to offer financial support in paying for necessary long term care service in a variety of settings.
Medicaid Joint federal and state welfare program administered by the state to provide payment for health care services for those meeting minimum asset and income requirements.
Medicare Federal program that provides hospital and medical expense benefits for individuals over age 65 or those meeting specific disability standards.
Non-forfeiture Benefits Option on a long term care insurance policy that allows the insured to continue receiving long term care coverage if the insured stops paying the premium.
Nursing Home Only Policy Type of policy that pays for care in a nursing home or similar facility.
Pre-existing condition Medical condition which you sought treatment for in the previous six months before you purchase the policy.
Skilled Care Professional type of nursing assistance performed by trained medical personnel under the supervision of a physician of a physician or other qualified medical personnel.
Respite Care Temporary relief for caregivers.
Waiver of Premium Provision that allows you to stop paying premium after a specified time while you are receiving benefits.