Long-term care insurance

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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 ?
According to the report, one of the unique features of South Korea's non-life insurance market is that non-life insurers can sell long-term insurance products, and as a result, their business largely overlaps with that of life insurers.
Global Banking News-August 30, 2018--Indian new vehicle owners will have to purchase long-term insurance
M2 EQUITYBITES-August 30, 2018--Indian new vehicle owners will have to purchase long-term insurance
BANKING AND CREDIT NEWS-August 30, 2018--Indian new vehicle owners will have to purchase long-term insurance
The Insurance Act repeals all prudential requirements that are currently provided for in the Long-term Insurance Act No.
'Insurance premium growth continues to be driven by the higher growth of 13.6 per cent in the long-term insurance business segment compared to a growth of only 2.5 per cent in the general insurance business segment,' the report stated.
Jesse Slome, executive director of the Westlake Village, California-based American Association for Long-Term Insurance, talked about his expectations for the LTCI industry in a recent online commentary.
Given the strong impact of this measure on building equity and determining solvency ratios, it would hinder insurance companies' capacity to invest in long-term insurance products.
In a joint media statement released this week, the central bank and Namfisa said the operations of U-Care in the country are in contravention of both the Banking Institutions Act, 1998 as amended and the Long-term Insurance Act, 1998, as amended.
A record number have signed up to Edinburgh's City Car Club - an initiative where drivers can book cars by the hour without the hassle of long-term insurance, servicing or tax costs.
The boards are understood to be looking at bringing the businesses together through a merger of long-term insurance funds, with no money changing hands.
"Long-term insurance can be prohibitively costly for some individuals, yet these individuals may have a retirement IRA or retirement annuity that would afford them an opportunity to purchase long-term care insurance," Maziarz said.

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