Schedule 1 of FSMA 2000 (Regulated Activities) Order 2001, as amended by the FSMA (Regulated Activities) (Amendment Order) (No 2) Order 2003, lists nine classes of long-term business as regulated activities. I. Life and annuity. II. Marriage and birth. III. Linked long-term. IV. Permanent health. V. Tontines. VI. Capital redemption. VII. Pension fund management. VIII. Collective insurance, etc. IX. Social insurance. There are 18 general insurance business classes listed as regulated activities.
Insurance Encyclopedia
long-term care (LTC)
Medical and personal care services rendered to patients who are not in an acute phase of illness but chronically ill, aged, or disabled and generally residing in a nursing home or assisted living facility. Sometimes home health care is provided on a long-term basis, and this may be referred to as LTC . Patients require help with activities of daily living (ADLs) such as bathing, continence, dressing, eating, mobility, transferring in and out of bed or a chair, using the toilet, and walking. Most long-term care is custodial care, and Medicare does not pay for this type of care if this is the only kind of care the patient needs.
Long-term care bonds
Investment bonds designed to cover the cost of care in old age. They can be used to cover ‘residential home’ cost as well as the expenses incurred when care takes place in the home (i.e. residence) of the individual. See LONG-TERM CARE INSURANCE.
Long-term care facility
Health care facility that offers extended nursing care and subacute care services to resident patients whose illness does not require acute care. To participate in the Medicare or Medicaid programs, such a facility must be certified as a skilled nursing facility (SNF) or other nursing facility (NF).
long-term care hospital (LTCH)
1. Facility that treats patients not in an acute phase of illness but who need medical and nursing services not available in nursing homes (e.g., rehabilitation hospital). 2. In the Medicare program, this type of facility is called a short-term acute care hospital . Average inpatient stay is greater than 25 days. Also called long-term hospital and long-term acute care hospital .
Long-term care insurance
A policy which provides payment for a portion or all of the cost of certain long-term care facilities such as skilled or intermediate nursing homes.
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UK: Contributes to the cost of residential or home care for persons unable to perform the ‘activities of daily life’ because of a disability or age-related condition. Pre-funded insurance plans are available for the healthy with no immediate care needs. Immediate plans are arranged only when care is actually needed and this often involves the purchase of an immediate care annuity payable directly tax-free to the host care home.
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MEDICAL,USA: Type of private insurance policy to help pay for some skilled, intermediate, custodial, and long-term medical and nonmedical care such as help with activities of daily living. Because Medicare and Medigap policies generally do not pay for long-term care, this type of insurance policy may help provide coverage for long-term care that the individual may need in the future. Some long-term care insurance policies offer tax benefits called tax-qualified policies . This type of insurance may be expensive, and coverage may be denied on health status or age.
Long-term care ombudsman
Advocate (supporter) for nursing home and assisted living facility residents who investigate and work to resolve problems between residents and nursing homes or assisted living facilities. This individual monitors federal and state regulations that pertain to long-term care facilities, provide information to the public about the elderly in facilities, and train volunteers to help with this program. Also called ombudsman . See ombudsman .
Long-term care ombudsman program
Program that is federally authorized by Title III of the Older Americans Act. See long-term care ombudsman .
Long-term disability
Condition in which an insured employee suffers a nonoccupational accident or illness and is not able to perform the duties of his or her occupation for an extended period of time.
Long-term disability income insurance
See: long-term disability insurance .
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US: Insurance issued to an employer (group) or individual to provide a reasonable replacement of a portion of an employee’s earned income lost through serious and prolonged illness or injury during the normal work career. (See also Integration.)