Long Term Care, Nursing Facility Care, Home Health Care:

LTC coverage provides reimbursement for expenses for nursing home and, sometimes, home health care during periods of chronic illness. Programs vary widely and can provide significantly different coverage levels, based on the policy's definition of disability and the contractually provided ancillary benefits. Some of the options include: cost-of-living adjustments, guarantee issue for future increases, respite care, a return-of-premium feature, and certain rehabilitative services. When designing an LTC program, other important decisions include how to fund the plan, i.e., whether the plan should be self-insured or fully insured; how the program will be administered; and for fully insured plans, identifying the most appropriate insurance carrier.