Long Term Care Insurance
A type of insurance coverage for long term care expenses. Most policies are sold to individuals through insurance agents but employers can also offer long term care insurance at a group discount. With an employer group policy, the insurance company is not allowed to cancel coverage after an individual's employment ends or the employer cancels the plan. The policy is intended to cover long term care services such as assistance with activities of daily living or medical care required to manage a chronic condition and will generally cover some of, if not all, the costs associated with skilled nursing facilities, residential care homes, assisted living or other types of similar facilities. In addition, the policy may cover home health care and other costs of care depending upon the terms of the policy.
More Common Terms
- Adult Day Services Also known as adult day care or respite care, adult day services are community-based group programs designed to meet the needs of functionally and/or cognitively impaired adults. These facilities offer programs that provide a mixture of health, socia...
- Geriatric Care Manager Also known as a Case or Care Manager. A professional who provides an assessment of an older adult's capabilities to create a care plan to address housing, medical, social and other needs.
- Continuing Care Retirement Community (CCRCs) A residential community that offers a continuum of care from private apartments to skilled nursing care at the same location. It is designed to meet changing needs while allowing residents to avoid relocating.