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

  • Coronary Artery Disease (CAD) A form of heart disease that is characterized by narrowing of the arteries that carry blood to the heart muscle preventing an adequate flow of blood and interrupting the supply of oxygen and other nutrients the heart requires.
  • Custodial Care Personal care services that do not include a skilled nursing care component. Commonly associated with assistance of activities of daily living (ADL).
  • Osteoporosis A bone and joint condition where bones become extremely brittle. Symptoms include, stooped posture, decrease in height and broken bones.

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