Key insurance terms that start with "L"

A financial penalty you pay if you don't enroll in Medicare Part D when first eligible. The penalty is 1% per month of the national base premium for each month you don't have creditable drug coverage. The penalty is added to your Part D premium permanently.

Care provided to people who need help with daily activities due to illness, disability, or aging. Long-term care includes nursing home care, assisted living, and in-home care services. Most standard health insurance plans don't cover long-term care, so people often purchase separate long-term care insurance.

The maximum amount an insurance company would pay for your covered health care services during your lifetime. The Affordable Care Act banned lifetime limits in 2010, so health insurance plans can no longer set a cap on the benefits they pay for your covered services.