A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
A
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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.
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Adult Day Care
A program of social and health-related services provided during the day in an adult day care center.
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Annual Premium Amount
The cost of an insurance policy paid once per year.
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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.
B
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Benefit Period
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.
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Benefit Triggers
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.
C
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Care Coordination
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.
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Caregiver
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.
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Cash Benefit
Gives you the option to receive policy benefits in cash each month to spend on any type of care you choose.
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Chronic Condition
A condition, such as Alzheimer’s, stroke, diabetes or arthritis, which requires ongoing, long-term care.
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Cognitive Impairment
A deterioration or loss of intellectual capacity.
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Confined Care
Long-term care services received in a confined setting, such as a nursing home or assisted living facility.
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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.
E
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Elimination Period
The waiting period before benefits are payable under a long-term care insurance policy.
H
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Hospice Care
A program of care for people who suffer from a terminal disease.
I
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Inflation Protection
Automatically increases the monthly benefit amount and maximum lifetime benefit of a long-term care insurance policy to help keep pace with inflation.
L
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Long-Term Care
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.
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Long-Term Care Facility
A facility, such as a nursing home or assisted living facility, where long-term care services are provided.
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Long-Term Care Insurance
A private insurance policy that pays benefits for covered long-term care services.
M
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Maximum Lifetime Benefit Amount
The maximum dollar amount available to you in benefits over the life of the policy.
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Maximum Monthly Benefit Amount
The maximum dollar amount the policy will pay each month you are eligible for benefits.
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Medicaid
A government program of last resort that provides long-term care benefits for people based on financial need.
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Medicare
A government program that provides limited long-term care benefits to help people get back on their feet after a hospital stay.
N
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Non-forfeiture Shortened Benefit Period
Allows for coverage to continue on a reduced basis if you stop paying premiums.
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Nursing Home
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.
P
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Physical Impairment
A physical condition that limits people’s ability to care for themselves.
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Premium
A periodic payment required to keep an insurance policy in force.
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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.
S
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Skilled Care
A higher level of care provided by trained medical professionals, including nurses, doctors and therapists. Skilled care typically is provided in a nursing home.
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Single Pay
The option to pay policy premium in one lump sum, after which no further payments are due and the policy is paid up.
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Spouse Benefits
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.
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Spouse Shared Care
An optional policy benefit that allows spouses to share benefits under identical long-term care policies
T
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Tax Advantages
Potential tax savings in the form of an income tax deduction on long-term care insurance premium and tax-free treatment of policy benefits.
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Tax-qualified Coverage
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!
