Activities of Daily Living (ADLs)
The basic activities and functions performed on a daily basis and often used as criteria for benefit eligibility. Activities of daily living include eating, toileting, transferring, bathing, dressing and continence.
Adult Day Care
A program of social and health-related services provided during the day in an adult day care center.
Annual Premium Amount
The cost of an insurance policy paid once per year.
Assisted Living Facility
Care provided in a certified facility for people who need assistance with the activities of daily living but do not require round-the-clock medical care.
A period of time used to calculate the maximum amount a long-term care insurance policy will pay (the maximum lifetime benefit amount). It is not intended to represent the time for which benefits will be payable.
Events that trigger the need for long-term care services and the resulting payment of benefits under a long-term care insurance policy. These may include the inability to perform the activities of daily living, a cognitive impairment or a doctor’s certification that care is medically necessary.
A program provided under a long-term care insurance policy to assess the functional and cognitive capacity of the insured. A care coordinator – a licensed health care professional – helps assess the needs of the insured, arranges for appropriate services and monitors the care received.
A person who provides assistance to someone who needs help caring for himself. Caregivers offer a wide range of services, including basic household, chores, help with finances, intimate personal care, like bathing and dressing, as well as more complex medical care.
Gives you the option to receive policy benefits in cash each month to spend on any type of care you choose.
A condition, such as Alzheimer’s, stroke, diabetes or arthritis, which requires ongoing, long-term care.
A deterioration or loss of intellectual capacity.
Long-term care services received in a confined setting, such as a nursing home or assisted living facility.
Cost of Care
The actual cost of long-term care services like home health care, assisted living and nursing home. Costs vary based on the area of the country where you live.
The waiting period before benefits are payable under a long-term care insurance policy.
A program of care for people who suffer from a terminal disease.
Automatically increases the monthly benefit amount and maximum lifetime benefit of a long-term care insurance policy to help keep pace with inflation.
A variety of services to help people who are unable to care for themselves. Some long-term care services include home health care, assisted living and nursing home care.
Long-Term Care Facility
A facility, such as a nursing home or assisted living facility, where long-term care services are provided.
Long-Term Care Insurance
A private insurance policy that pays benefits for covered long-term care services.
Maximum Lifetime Benefit Amount
The maximum dollar amount available to you in benefits over the life of the policy.
Maximum Monthly Benefit Amount
The maximum dollar amount the policy will pay each month you are eligible for benefits.
A government program of last resort that provides long-term care benefits for people based on financial need.
A government program that provides limited long-term care benefits to help people get back on their feet after a hospital stay.
Non-forfeiture Shortened Benefit Period
Allows for coverage to continue on a reduced basis if you stop paying premiums.
A facility that provides various levels of care ranging from skilled nursing care to non-medical care for people who need assistance performing the activities of daily living.
A physical condition that limits people’s ability to care for themselves.
A periodic payment required to keep an insurance policy in force.
Premium Payment Options
A variety of options that allow you to pay your premium in a timeframe that best suits your lifestyle, either for a limited period or over the life of the policy.
A higher level of care provided by trained medical professionals, including nurses, doctors and therapists. Skilled care typically is provided in a nursing home.
The option to pay policy premium in one lump sum, after which no further payments are due and the policy is paid up.
A variety of policy benefits available to spouses who purchase and are issued Mutual of Omaha long-term care insurance policies at the same time.
Spouse Shared Care
An optional policy benefit that allows spouses to share benefits under identical long-term care policies
Potential tax savings in the form of an income tax deduction on long-term care insurance premium and tax-free treatment of policy benefits.
A long-term care insurance policy that is intended to be federally tax-qualified under Section 7702B(b) of the Internal Revenue Code.
Still have questions about long-term care? Have an agent contact you!