Long-term care insurance

(redirected from Long-Term Insurance)

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 ?
This Key Note Market Report examines the market for insurance in the UK, focussing on both the general insurance and long-term insurance sectors.
Senate Bill 898, a long-term insurance rate stabilization measure, effectively closes a loophole that's been used in the past to shield assets from being included in Medi-Cal collections.
It provides a detailed geo-demographic user and non-user profiling of various segments in the financial services sector including: short-term insurance policies; long-term insurance policies; bank accounts, medical aid; retails store card; investment in mutual fund; and investment on stock exchange.
He scoffs at the need for long-term insurance and costly maintenance of mitigation systems designed to salvage the nation's costliest school.
com/research/cb2dac/south_africa_brand) has announced the addition of the "South Africa Brand Report: Customer Profile of Long-Term Insurance Companies" report to their offering.
In fact, the long-term insurance sector of the country continued the trend of positive growth during this adverse time also and registered about 12.
With increased premium being generated from bancassurance and the general agency channel in recent years, profit margins in the long-term insurance business have been under pressure.
The market is strongly biased towards long-term insurance, which accounts for over 86% of the market, while general insurance premium make up 14%, as on 2008 end.
The ratings reflect Meritz's enhanced underwriting performance due to the improved loss ratio of motor and long-term insurance businesses, its stable market profile and investment performance.
There are two broad sectors in the insurance market: long-term insurance and general insurance.
This Market Report examines the UK insurance market, which is broadly segmented into long-term insurance (pensions, life insurance, income protection insurance, annuities and critical illness insurance) and general insurance (motor, property, accident and health, general liability and pecuniary loss insurance).

Full browser ?