Shopper's Guide To Long Term Care Insurance

GLOSSARY

Accelerated Death Benefit – A feature of a life insurance policy that lets you use some of the policy’s death benefit prior to death.

Activities of Daily Living (ADL's) – Everyday functions and activities individuals usually do without help. ADL functions include bathing, continence, dressing, eating, toileting and transferring. Many policies use the inability to do a certain number of ADL's (such as two of six) to decide when to pay benefits.

Adult Day Care – Care provided during the day at a community-based center for adults who need assistance or supervision during the day, including help with personal care, but who do not need round-the-clock care.

Alzheimer’s Disease – A progressive, degenerative form of dementia that causes severe intellectual deterioration.

Assisted Living Facility – A residential living arrangement that provides
individualized personal care and health services for people who require
assistance with activities of daily living. The types and sizes of facilities vary; they can range from a small home to a large apartment-style complex. They also vary in the levels of care and services that can be provided. Assisted living facilities offer a way to keep a relatively independent lifestyle for people who don’t need the
level of care provided by nursing homes.

Bathing – Washing oneself by sponge bath, in either a tub or shower. This activity includes the task of getting into or out of the tub or shower.

Benefit Triggers (Triggers) – Term used by insurance companies to describe the criteria and methods they use to determine when you are eligible to receive benefits.

Benefits – Monetary sum paid or payable to a recipient for which the insurance company has received the premiums.

Care Management Services – A service in which a professional, typically a nurse or social worker, may arrange, monitor or coordinate long-term care services (also referred to as care coordination services).

Cash Surrender Value – The amount of money you may be entitled to receive from the insurance company when you terminate a life insurance or annuity policy. The amount of cash value will be determined as stated in the policy.

Chronic Illness – An illness with one or more of the following characteristics: permanency, residual disability, requires rehabilitation training, or requires a long period of supervision, observation or care.

Chronically Ill – A term used in a tax-qualified long-term care contract to describe a person who needs long-term care either because of an inability to do everyday activities of daily living (ADL's) without help or because of a severe cognitive impairment.

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