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Glossary of Long-Term Care Terms

Accelerated Death BenefitA life insurance policy’s death benefit that is used while the insured is still alive
Activities of Daily LivingThe six activities of daily living are eating, bathing, dressing, toileting, transferring (in and out of bed), and continence
Adult Day CareCommunity-based centers that provide supervision and assistance along with care and companionship for elderly adults during the day
Asset CareOneAmerica (State Life Insurance Co.) hybrid long-term care insurance policy
Assisted LivingFacilities that provide senior adults with personal in a residential setting; facilities are similar to independent living communities except residents typically need personal care
Benefit PeriodThe duration of time you receive your long-term care benefit if the maximum monthly benefit is taken continuously, according to your policy
CareMattersNationwide’s hybrid long-term care life insurance product; most current version is CareMatters II
Chronically IllThe inability to perform at least two activities of daily living without the assistance of a personal caregiver or a cognitive impairment such as Alzheimer’s or Dementia that requires supervision to protect health and safety
Elimination PeriodThe amount of days you have to wait before your long-term care benefits start, according to your policy; also commonly referred to as waiting period or deductible period
Home Health CareCare service that is medical in nature and is provided by licensed practical nurses and home health aides at the client’s home
Hospice CareFacilities that provide “end-of-life” care for individuals who are terminal
Hybrid Long-term Care Life InsurancePermanent life insurance policy that combines the benefits of long-term care insurance and life insurance into a single policy; policy provides a long-term care benefit pool for ltc expenses and a death benefit if long-term care is never needed
IndemnityLTC insurance benefit payments given to the policy owner as a set dollar amount check; no need for submission of receipts or bills of LTC expenses incurred
Inflation ProtectionA policy option that increases your long-term care benefits to cover expected cost increases in long-term care services in the future; long-term care benefits are adjusted using simple, compound, or index-based adjustments, according to your policy
Long-term CareA life changing event by which an individual is certified as “chronically ill” by a licensed health practitioner
LTC Benefit AmountThe initial amount available for long-term care expenses according to your policy; commonly referred to as the “long-term care benefit pool”
MoneyGuardLincoln Financial Group’s hybrid long-term care life insurance policy; most recent version is MoneyGuard II
Nursing HomeLicensed facilities that provide comprehensive skilled nursing care to long-term care patients ill
Personal CareNon-medical care that provides assistance with activities of daily living and basic care needs; also known as custodial care
PremierCarePacific Life’s hybrid long-term care life insurance policy
ReimbursementLTC insurance benefit payments based on the submission of bills and/or receipts of long-term care expenses incurred
SecureCareMinnesota Life’s (Securian) hybrid long-term care life insurance policy
Skilled CareNursing and therapeutic care provided by licensed professionals for long-term care needs