Arizona Long Term Care Insurance Terms
If you are new to long term care insurance, it may be difficult in the beginning to understand all of the information you are reading. In order to better understand the ins and outs of Arizona long term care insurance, you need to know the terminology.
Take a few minutes to familiarize yourself with some of the most used terminology concerning long term care insurance.
Terms You Should Know Concerning Arizona Long Term Care Insurance
- Activities of Daily Living: Functions that are considered essential to daily living. Examples include bathing, eating, moving around on your own and dressing.
- Benefit Period: The period of time in which you can receive benefits from your long term care policy.
- Durable Medical Equipment: Equipment that is used for in-home care. Examples include wheelchairs, hospital beds, ramps and walkers.
- Elimination Period: Can also be called a waiting period. This is the how long you will have to wait before Arizona long term care insurance begins to offer its benefits once it is determined that you need long term care. It works in much the same way as a deductible.
- Facility Qualifications: Minimum standards that a long term care facility is required to meet in order for Arizona long term care insurance to offer coverage for their services. These requirements include standards that govern the hours or operation, experience of the staff and type of care that is offered by the facility.
- Inflation Protection: A benefit of your Arizona long term care policy that provides for an increase in the benefit payout each year to accommodate for economic inflation.
- Guaranteed Renewable Policy: A type of Arizona long term care insurance policy that allows you to continually renew your policy as long as you live and pay the premiums.
- Maximum Daily Benefit: You may also see it listed as MDB. The absolute upper limit on the amount of money you can receive in a given day from your Arizona long term care insurance policy.
- Maximum Benefit Period: Refers to how long you will be able to receive Arizona long term care benefits for a specific and qualified long term care issue. This usually amounts to years and any long term care that is needed to treat a specific event that goes beyond this period will require you to pay out of pocket or have some other means of insurance.
- Rider: An addition to your Arizona long term care insurance policy that adds provisions or additional coverage to the existing policy.
Shopping for Arizona Long Term Care Insurance
In addition to understanding the meaning of the above terms, you should know how they are practiced. That is, you should understand what effect they have on your Arizona long term care insurance policy. This requires you to research various types of long term care insurance policies. It also requires you to get rate quotes on these policies to see how the different aspects of long term care insurance protection affect your premiums.
As you shopping make sure to do the following:
- Ask any questions that come to mind
- Get as many rate quotes as possible
- Research the Arizona long term care insurance company history
By understanding the terminology used in Arizona long term care insurance you will have a much easier time comparing the various long term care insurance policies.
