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
- Dialysis Equipment used to clean individual's blood when one or both kidneys are defective or absent, and to remove excess accumulation of drugs or chemicals in the blood.
- Palliative Care Pain management services to provide comfort to those with life-threatening illness.
- Spend Down A requirement that an individual use up most of his or her own income to meet Medicaid eligibility requirements.