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

  • Power of Attorney A legal document granting someone the right to make decisions for another. In the case of an elder, the document may relate to both financial and health care decisions.
  • Elder Law The area of law pertaining to the rights and legal matters concerning older adults. This includes such subjects as estate planning, wills, guardianship, powers of attorney, Medicare & Medicaid.
  • Alzheimer's Facilities Licensed facilities or special care units within a larger facility that provide intermediate nursing care, medical, nursing and rehabilitation care for those diagnosed with Alzheimer's Disease or other dementias in a safe and controlled environment.

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