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Terms, Acronyms & Definitions The LTC Glossary

Waiver of Premium

A waiver of premium allows policyholders a break from paying premiums when they’re receiving Long-Term Care Insurance benefits.

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A waiver of premium is a provision that prevents policyholders from paying premiums when they're actively receiving Long-Term Care Insurance benefits. This allows policyholders to focus their efforts and concerns on their care and recovery.

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Substantial Assistance

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Tax-qualified Long-Term Care policies require a policyholder to need "substantial assistance" in performing at least two activities of daily living in order to receive benefits. "Substantial Assistance" is defined as either "hands-on assistance" or "standby assistance".

Continuing Care Retirement Community (CCRC)

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A residential retirement community where a variety of living and medical services are provided to residents who are in need of continuous care and/or supervision.

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