Glossary: L

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Labor market survey This is a review of the kinds of jobs in a geographic area. It is used to help people return to work. The data comes from the U.S. Department of Labor and from interviews with local employers. The goal is to find out if a certain job or skill can be used in that job market.
Lapse (or lapse in coverage) Anyone who buys an insurance plan pays a premiums. You pay this amount every month. If you miss a payment, the insurance company can cancel your coverage. It means you have let your insurance coverage lapse. You have let it end.
LASIK (also known as laser-assisted in situ keratomileusis) This is a procedure to correct your vision. Doctors use a laser.
Late entrant (also known as late enrollee) There are certain times of the year when workers can choose or change benefits. The main time is called open enrollment. New employees can enroll when they first start. And those who get married or have a baby can make changes in their coverage when this change in their life occurs.
Late entrants are:
New employees who do not sign up within 31 days of being hired. They later choose coverage during open enrollment.
Employees who do not choose or change coverage within 31 days of getting married or having a baby. They later do so during open enrollment.
Lateral This is a medical term used to describe a position within the body. It means the left or right side of the body or body part.
Length of disability This is how long a person is certified as disabled.
Length of stay This is the number of days a patient stays in the hospital for treatment. Days are counted in a row.
Lesion This is a wound or sore. It is an infected patch of skin.
Level amount schedule (also known as flat amount) This is a benefits schedule. It lists how much of a benefit each worker gets. All workers on it get the same benefit amount. There are different schedules for different types of workers.
Libido This is a person’s sex drive, interest in sex.
Life insurance Buying this means your loved ones can get money when you die. You may be able to choose the benefit amount. A premium must be paid to keep this policy active every year. You also choose a beneficiary. This is person you would like the money to go to after your death. Employers may offer this as a benefit to their workers. You can also buy it on your own. There are many kinds of life insurance: term life, whole life, group universal life and others.
Life threatening This means a condition is dangerous. You could lose your life. Do not wait to call a doctor.
Lifetime maximum This is the total dollar amount of benefits you can receive. It can also be the total number of services you can receive. These totals are limits for a lifetime, not just for a plan year. Plans subject to Federal health care reform can only have lifetime dollar maximums on non-essential benefits.
Limitations These are restrictions that health plans place on coverage. They say what your plan does not cover.
Lipids These are fats in the blood. Lipids and protein help fuel the body. Cholesterol and triglycerides are types of lipids. They need to be checked regularly. High levels can be dangerous. They can build up in your blood vessels and arteries and lead to heart attack and stroke.
Living will See “Advance directive.”
Long-term care insurance Long-term care services are costly. Health plans, disability insurance and Medicare do not help much. They are not made for this type of care. Long-term care insurance can help cover the cost of this care.
Long-term care services These are personal care services. They help people who cannot care for themselves anymore. Services include help with bathing, dressing and eating. It may involve constant supervision and care. This care may be given at home or adult day care centers. It can also be given at assisted living facilities and nursing homes.
Long Term Disability (LTD) Employees may come down with an illness or injury. They may not be able to work for a long time. An LTD benefit through their employer helps protect them and their families from financial loss. It provides a source of income for a set time. This helps to maintain a percentage of the employees’ pre-disability income. Other income benefits outside the LTD plan may reduce the amount payable under an LTD plan. See “Other income benefits.”
Long Term Disability (LTD) pension accrual This is for workers who will receive a pension when they retire. If they are disabled and cannot work for a long time, they might lose their full pension amount. This benefit pays into their pension even when they are disabled. It helps them get the full amount when they retire.
Long Term Disability (LTD) pension supplement This is for workers who will receive a pension when they retire. If they are disabled and cannot work for a long time, they might lose their full pension amount. This benefit adds a little extra to their pension fund payments at retirement. It makes up for what they lost while disabled.
Look-back period This is used mostly in health plans people buy on their own. It is how far back a health insurance company will look at their health records. If the period is 5 years, people must list all conditions they had or were treated for in the last 5 years.
If the list is wrong or has certain health problems on it, the company can say no. They can also say yes and call for a pre-existing condition waiting period. This is the time someone must wait before the condition will be covered.
Disability plans also have look-back periods. They may exclude benefits for disabilities caused by pre-existing conditions.
Lowest average wholesale price This is a reference price. It is the lowest cost that pharmacies, doctors and health plans might pay for a prescription drug on the market.

Glossary: L

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Labor market survey	This is a review of the kinds of jobs in a geographic area. It is used to help people return to work. The data comes from the U.S. Department of Labor and from interviews with local employers. The goal is to find out if a certain job or skill can be used in that job market.
Lapse (or lapse in coverage)	Anyone who buys an insurance plan pays a premiums. You pay this amount every month. If you miss a payment, the insurance company can cancel your coverage. It means you have let your insurance coverage lapse. You have let it end.
LASIK (also known as laser-assisted in situ keratomileusis)	This is a procedure to correct your vision. Doctors use a laser.
Late entrant (also known as late enrollee)	There are certain times of the year when workers can choose or change benefits. The main time is called open enrollment. New employees can enroll when they first start. And those who get married or have a baby can make changes in their coverage when this change in their life occurs. Late entrants are: New employees who do not sign up within 31 days of being hired. They later choose coverage during open enrollment. Employees who do not choose or change coverage within 31 days of getting married or having a baby. They later do so during open enrollment.
Lateral	This is a medical term used to describe a position within the body. It means the left or right side of the body or body part.
Length of disability	This is how long a person is certified as disabled.
Length of stay	This is the number of days a patient stays in the hospital for treatment. Days are counted in a row.
Lesion	This is a wound or sore. It is an infected patch of skin.
Level amount schedule (also known as flat amount)	This is a benefits schedule. It lists how much of a benefit each worker gets. All workers on it get the same benefit amount. There are different schedules for different types of workers.
Libido	This is a person’s sex drive, interest in sex.
Life insurance	Buying this means your loved ones can get money when you die. You may be able to choose the benefit amount. A premium must be paid to keep this policy active every year. You also choose a beneficiary. This is person you would like the money to go to after your death. Employers may offer this as a benefit to their workers. You can also buy it on your own. There are many kinds of life insurance: term life, whole life, group universal life and others.
Life threatening	This means a condition is dangerous. You could lose your life. Do not wait to call a doctor.
Lifetime maximum	This is the total dollar amount of benefits you can receive. It can also be the total number of services you can receive. These totals are limits for a lifetime, not just for a plan year. Plans subject to Federal health care reform can only have lifetime dollar maximums on non-essential benefits.
Limitations	These are restrictions that health plans place on coverage. They say what your plan does not cover.
Lipids	These are fats in the blood. Lipids and protein help fuel the body. Cholesterol and triglycerides are types of lipids. They need to be checked regularly. High levels can be dangerous. They can build up in your blood vessels and arteries and lead to heart attack and stroke.
Living will	See “Advance directive.”
Long-term care insurance	Long-term care services are costly. Health plans, disability insurance and Medicare do not help much. They are not made for this type of care. Long-term care insurance can help cover the cost of this care.
Long-term care services	These are personal care services. They help people who cannot care for themselves anymore. Services include help with bathing, dressing and eating. It may involve constant supervision and care. This care may be given at home or adult day care centers. It can also be given at assisted living facilities and nursing homes.
Long Term Disability (LTD)	Employees may come down with an illness or injury. They may not be able to work for a long time. An LTD benefit through their employer helps protect them and their families from financial loss. It provides a source of income for a set time. This helps to maintain a percentage of the employees’ pre-disability income. Other income benefits outside the LTD plan may reduce the amount payable under an LTD plan. See “Other income benefits.”
Long Term Disability (LTD) pension accrual	This is for workers who will receive a pension when they retire. If they are disabled and cannot work for a long time, they might lose their full pension amount. This benefit pays into their pension even when they are disabled. It helps them get the full amount when they retire.
Long Term Disability (LTD) pension supplement	This is for workers who will receive a pension when they retire. If they are disabled and cannot work for a long time, they might lose their full pension amount. This benefit adds a little extra to their pension fund payments at retirement. It makes up for what they lost while disabled.
Look-back period	This is used mostly in health plans people buy on their own. It is how far back a health insurance company will look at their health records. If the period is 5 years, people must list all conditions they had or were treated for in the last 5 years. If the list is wrong or has certain health problems on it, the company can say no. They can also say yes and call for a pre-existing condition waiting period. This is the time someone must wait before the condition will be covered. Disability plans also have look-back periods. They may exclude benefits for disabilities caused by pre-existing conditions.
Lowest average wholesale price	This is a reference price. It is the lowest cost that pharmacies, doctors and health plans might pay for a prescription drug on the market.