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| lapsed policy |
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A policy that has terminated because of failure to pay the premium(s).
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| late enrollment fee |
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In an attempt to encourage as many eligible people as possible to enroll in a Part D prescription drug plan before the first enrollment period ended in May 2006, or to enroll as soon as they become eligible for Medicare, Congress created a late enrollment fee. This fee is equal to about one percent of the Medicare Part D premium for each month's delay in enrolling. This is an unlimited percentage, lasting as long as you are enrolled in a Part D prescription drug plan.
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| lifetime maximum |
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The total dollar amount the plan will pay for all types of medical expenses, for all benefit periods, while the insured person is alive and covered under the plan.
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| limitations |
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The conditions or circumstances for which benefits are limited or are not payable.
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| long-term care policy |
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Insurance policies that cover specified services for a specified period of time. Long-term care policies (and their prices) vary significantly. Covered services often include nursing care, home health care services, and custodial care.
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| loss |
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The basis for a claim under an insurance policy.
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| low-income assistance |
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Low-income assistance helps people whose incomes are limited. For the Medicare Prescription Drug Program, if your income is below 135 percent of the federal poverty level and your assets are also limited, you'll pay no monthly premium, no deductible and have no gap in coverage. |
