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
- Hospice A program providing support services such as pain and symptom management, social services, and emotional support for the terminally ill and their families. Care can be provided at home, assisted living or nursing homes.
- Caregiving Refers to services provided to individuals who are unable to fully care for themselves due to a disability or functional limitation. These services can be provided informally by a family member or friend or more formally by a paid professional such a...
- Skilled Nursing Facility (SNF) State-licensed facilities that provide a safe, therapeutic environment for individuals who require rehabilitative care or can no longer live independently due to medical requirements. Also known as nursing homes or convalescent homes.