Cognitive Impairment = A deficiency in a person’s short-or long-term memory; orientation as to person, place and time; deductive or abstract reasoning; or judgment as it relates to safety awareness. Source: National Association of Insurance Commissioners A...
The cost of a long-term care insurance policy is based upon several factors: your age at the time you apply for the policy, the benefits you choose for your policy, your premium payment option (e.g. 10-pay, “pay to age 65”, lifetime pay) your state of...
Benefit Period = The length of time a specific benefit will be paid. It begins when the policyholder becomes eligible for benefits and ends when the policyholder has been out of claim status for a given period of time.
Zero-Day Home Care Elimination Period = A feature in a long-term care insurance policy that waives the elimination period for qualified care received at home. The policy can pay benefits for the first day of qualified care received at home.