Long-term care insurance

(redirected from Long term care insurance)
Also found in: Acronyms, Wikipedia.

Long-Term Care Insurance

Insurance that is purchased against the possibility that the beneficiary will require long-term medical care for a debilitating but non-life threatening condition. For example, one may require long-term care if one is involved in a car accident or has a non-terminal disease that does not allow the sufferer to live independently. Long-term care insurance is designed to pay for at least some of the medical expenses associated with this. These policies provide a per diem or monthly allowance for expenses, as well as an elimination period, a period of time after the illness is diagnosed or the accident occurs, but before the insurer begins coverage. Policies with a higher per diem and shorter elimination period come with higher premiums.

Long-term care insurance.

Long-term care insurance is a policy designed to cover at least some of your expenses if you have a chronic but not life-threatening illness, long-term disability, or you are unable to live independently because you can't perform a number of the activities of daily living.

Those activities typically include bathing, dressing, feeding yourself, taking medication, using the bathroom, and being able to move from a sitting to a standing position. Most contracts also cover cognitive impairments, such as Alzheimer's disease.

Under the terms of most long-term care contracts, you can be cared for in a nursing home or at home. The insurance pays for custodial rather than skilled care, which must be provided by licensed professionals. Skilled care is covered in part by Medicare and Medigap.

Every policy provides a specific daily or monthly benefit for up to a predetermined benefit period. Each policy also has an elimination period, which lasts from the day you become eligible until the day the insurer begins to pay. You generally can choose the benefit, benefit period, and elimination period that makes the most sense to you and that you can afford.

References in periodicals archive ?
More than ever, small and mid-sized businesses with female owners and key executives have a significant reason to consider offering long-term care insurance," explains George Mellendorf, president of LTC Solutions, a national distributor of individual and multi-life long term care insurance headquartered in Cape Coral, FL.
Slome explained that about a dozen leading insurers currently offer long term care insurance policies.
Long term care insurance plans are not regulated under the Affordable Care Act (Obamacare) so employers have a great deal of flexibility," explains George Mellendorf, president of LTC Solutions, a national distributor of individual and multi-life long term care insurance headquartered in Cape Coral, FL.
For more information on receiving a copy of the 2015 Long Term Care Insurance Sourcebook or to advertise in the edition, contact the organization.
There are millions of Americans who will not health qualify for long term care insurance and each year insurers turn down a percentage of applicants who apply," explains Jesse Slome, director of the American Association for Long Term Care Insurance, a national trade group.
Higgins, director of the Nashville-based company's long term care insurance division, is one of many in the industry doing her share of talking.
Slome shared that many consumers perceive long term care insurance is 'too expensive' to buy.
According to the Association, leading causes for long term care insurance claims include Alzheimer's disease, stroke, arthritis and cancer.
The OPM would design a long term care insurance package, manage its acquisition, negotiate premiums, and adjudicate disputed claims.
To review and compare policies, get the best rates and receive competitive quotes on long term care insurance coverage, visit www.
Every day thousands of consumers are looking to compare costs for long term care insurance and looking for an expert who can answer their questions," declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).
6 Billion in Long Term Care Insurance Benefits Paid

Full browser ?