LTC America, LLC: Glossary

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Glossary of LTC Terms

Activities of Daily Living (ADL):
Bathing, dressing, eating, continence, toileting and transferring

Assisted Living Facility:
Provides a hotel-like environment with a home health care component.

Benefit Rate:
Benefit paid based on your selection. Can be daily, weekly or monthly.

Custodial Care:
Help with Activities of Daily Living only

Guaranteed Renewable:
Policies cannot be cancelled for any reason if premiums are paid.

Eldercare Planning:
Assessments, education about choices in care, financing care and plan development. Referrals to seasoned eldercare professionals.

Home Care Benefits:
RN, LPN, OT, PT or home health aide visits, to help with ADLs.

Indemnity vs. Reimbursement:
Reimbursement policy pays you what you spend for care up to the selected benefit amount. An indemnity policy will pay you the full benefit.

Independent Aide:
Home health care provided without agency. Some policies require the aide be state certified.

Inflation Protection:
While premiums are level, simple inflation benefits increase by a percent of the original benefit each year while compound benefits increase the original benefit plus previous increments.

Medicaid:
Government sponsored program that pays for long-term care for persons with limited assets.

Medicare:

A federal program which provides health insurance program for people 65 and older; certain disabled individuals and people with kidney failure may be eligible before 65.


Non-Forfeiture Option:
Provision to include cash value if policy lapses or a return of premium at death.

Pre-existing Condition:
Health conditions diagnosed or treated customarily within a six-month period prior to the
effective date of the insurance policy.

Skilled Nursing Care:
Nursing care, provided by a trained nurse, under the supervision of an MD on a daily basis.

Survivorship Benefits:
If both spouses are covered, premium is paid up for life, for surviving spouse.

Term:
The number of years selected for the policy to provide coverage.

Triggers:
Prerequisites to claiming benefits - cognitive incapacity, functional deficit, or medical
necessity.

Waiting Period:
Option that determines the number of days you must receive care before benefits begin.

Waiver of Premium:
Cessation of premium payments when on claim

For more info on any of these terms, or if you have other questions, please call us at 631-393-5039 or email us at info@ltcamerica.com.