Shopper's Guide To Long Term Care Insurance
Spend Down – A requirement that an individual use up most of his or her income and
assets to meet Medicaid eligibility requirements.
Stand-by Assistance – Caregiver stays close to the individual to watch over the
individual and to provide physical assistance if necessary.
State Health Insurance Program – Federally funded program to train volunteers to
provide counseling on the insurance needs of senior citizens. See pages 54-62 for
a list of State Health Insurance Programs.
Substantial Assistance – Hands-on or stand-by help required to do ADL's.
Substantial Supervision – The presence of a person directing and watching over
another who has a cognitive impairment.
Tax-Qualified long term care insurance Policy – A policy that conforms to certain
standards in federal law and offers certain federal tax advantages.
Term Life Insurance – Covers a person for a period of one or more years. It pays a
death benefit only if you die during that term. It generally does not build a cash value.
Third Party Notice – A benefit that lets you name someone whom the insurance
company would notify if your coverage is about to end because the premium
hasn’t been paid. This can be a relative, friend or professional such as a lawyer or
accountant.
Toileting – Getting to and from the toilet, getting on and off the toilet and performing
associated personal hygiene.
Transferring – Moving into and out of a bed, chair or wheelchair.
Triggers (Benefit Triggers) – Term used by insurance companies to describe when to
pay benefits.
Underwriting – The process of examining, accepting or rejecting insurance risks, and
classifying those selected, to charge the proper premium for each.
Universal Life Insurance – A kind of flexible policy that lets you vary your premium
payments and adjust the face amount of your coverage.
Waiver of Premium – A provision in an insurance policy that relieves the insured of
paying the premiums while receiving benefits.
Whole Life Insurance – Policies that build cash value and cover a person for as long as he or she lives if premiums continue to be paid.
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