Glossary of Elder Care Terminology

Accelerated Death Benefits – pre-death benefits from a life insurance company to a terminally ill policy holder

Activation Fee – see Origination Fee

Activities of Daily Living – are activities normally associated with the day-to-day personal care, such as personal hygiene, using a toilet/continence, dressing, cooking, eating and taking one’s medication.

ADB – see Accelerated Death Benefits

ADLs – see Activities of Daily Living

Adult Day Care – A daytime program for functionally impaired adults that provides a variety of social and related support services in a protective setting.

Adult Day Health Care – A daytime program for functionally impaired adults that provides a variety of social, medical and related support services in a protective setting.

Adult Family Homes – see Assisted Living

Adult Foster Care – see Assisted Living

Adult Living Facilities – see Assisted Living

Adult Social Day Care – see Adult Day Care

Aid & Attendance – a type of pension program for wartime veterans

Alternative Home Equity Programs – see Home Equity Sharing Programs

Assisted Living – A supportive housing facility designed for those who need extra help in their day-to-day lives but who do not require the 24-hour skilled nursing care found in traditional nursing homes.

At Home Care – Medical care provided to seniors in their place of residence other than in an assisted living or skilled nursing facility.

Board and Care Homes – see Assisted Living

Board and Lodging – see Assisted Living

Care Allowance Plan – A type of long term care insurance benefit in which the insurance company pays out a set dollar amount for care on a daily, monthly or annual basis instead of paying for the actual cost of care.

Cash Surrender Value – the cash value of a life insurance policy were the policy holder to terminate the contract and resell the agreement to the insurance company.

CCRCS – see Continuing Care Retirement Communities

CFL – see CHAMPVA for Life

CHAMPUS – see TRICARE

CHAMPVA – Civilian Health and Medical Program of the Department of Veterans Affairs, a medical insurance programs for veterans’ families.

CHAMPVA for Life – an extension of CHAMPVA benefits for individuals over 65.

Community Based Retirement Facilities – see Assisted Living

Community Residences – see Assisted Living

Continuing Care Contract – is a CCRC contract that restricts the total number of days one can receive care. Should the senior require additional care, it can be purchased at the time for a discounted rate.

Continuing Care Retirement Communities – A community that provides a continuum of care, from private residences to assisted living and skilled nursing care. These are designed for individuals that want to remain in a single location for senior years and for seniors with declining conditions.

Convalescent Hospital – see Skilled Nursing Facilities

Custodial Care – Care primarily for meeting personal needs such as assistance in bathing, dressing, eating or taking medicine which can be provided by someone without medical training.

Death Benefit Loans – a loan from a life insurance company to a policy holder that is secured by the death benefits.

Domiciliary Care – see Assisted Living

Elimination Period – the number of days an individual must hold a long term care policy before benefits can begin.

Equity Release – see Home Equity Sharing Programs

Extensive Care Contract – see Life Care Contract

Fannie Mae Home Keeper – a type of reverse mortgage that is now obsolete.

Fee-For-Service Contract – is a CCRC contract that requires residents to pay separately for their residential and medical costs.

Group Homes – see Assisted Living

Geriatric Assessment –A comprehensive assessment of an older person’s health, social and financial needs with the goal of improving the overall quality of life.

Geriatric Care Manager – A fee-based, professional that assesses a person’s long term care needs and financial situation and arranges and monitors the necessary care services.

HECM loans – See Reverse Mortgage

Home Care Aides – see Personal Care Aides

HCBS – Home and Community Based Services, assistance provided to persons in their homes or communities instead of in nursing homes.  Term is commonly used by Medicaid programs.

Home Equity Co-Investment – see Home Equity Sharing Programs

Home Equity Conversion Mortgage – See Reverse Mortgage

Home Equity Co-Share – see Home Equity Sharing Programs

Home Equity Sharing Programs – an agreement in which a homeowner receives a cash payment today in exchange for some percentage of their home equity in the future.

Hospice – a care program that alleviates the symptoms but does not cure the underlying cause provided to dying persons and their families, in the form of physical, psychological, social and spiritual care.

Housebound – a type of pension program for wartime veterans

HUD reverse mortgages – See Reverse Mortgage

HUD/FHA Home Equity Conversion Mortgage – See Reverse Mortgage

HUD-insured Home Equity Conversion Mortgage – See Reverse Mortgage

Improved Pension Program – a type of pension program for wartime veterans

Independent Living – Communities, typically of single family homes or townhomes for self-sufficient seniors that want the security and social activities of a community living environment.

Jumbo Reverse Mortgages – a type of reverse mortgage for high value homes.

Life Care Contract – is a CCRC contract in which all long term care costs are covered with no additional fees.

Life Insurance Settlements – see Life Settlement

Life Settlement – the sale, by the policyholder, of their life insurance to a 3rd party in exchange for a lump sum of cash.

Life-Care Facilities – see Continuing Care Retirement Communities

Lifetime Mortgage – See Reverse Mortgage

Look Back Penalty – in an attempt to gain eligibility, some seniors transfer their financial assets to other family members. To discourage this activity, Medicaid considers “lookback” asset transfers as far as 5 years previous.

Medicaid Gap – If a senior’s assets are greater than the Medicaid eligibility requirement, but are less than the monthly cost of long term care, the senior falls into this category.

Medicare Saving Program – a series of programs designed to help financially needy seniors who are not eligible for Medicaid with the cost of co-pays, premiums and care.

Medicare Supplemental Insurance – sometimes referred to as Medigap plans, this insurance extend Medicare benefits.

Military Retiree – a “retired” member of the military is someone who has 20 years of service. All military retirees are veterans but not all veterans are military retirees.

MIP – see Mortgage Insurance Premium

Modified Care Contract – see Continuing Care Contract

Mortgage Insurance Premium – a special type of insurance required for reverse mortgages borrowers that provides additional consumer protections.

MSP – see Medicare Saving Program

Non-Medical Senior Housing – see Assisted Living

Non-Traditional Home Equity Programs – see Home Equity Sharing Programs

Nursing Care and Rehabilitation – see Skilled Nursing Facilities

Nursing Home – see Skilled Nursing Facilities

Origination Fee – a fee charged by a lender in loan transaction that covers the lender’s expenses and margin.

PACE – refers to the Program of All Inclusive Care for the Elderly which a comprehensive care program offered by Medicare.

Palliative Care – a care program that alleviates the symptoms but does not cure the underlying cause, usually provided to dying patients.

Personal Care Aides – individuals that provide custodial care, or non-medical care, in a senior’s place of residence.

Personal Care Facilities – see Assisted Living

Personal Care Homes – see Assisted Living

Priority Group – one of 8 different groups into which all veterans are assigned based on disabilities, assets and other factors. These are a major determining factors in what health benefits the veteran receives.

Progressive Neurological Condition – any of a number of conditions in which the patient has progressively declining symptoms such as Alzheimer’s or dementia.

QDWI – see Qualified Disabled & Working Individuals

QI – see Qualifying Individual

QMB – see Qualified Medicare Beneficiary

Qualified Disabled & Working Individuals – one of several programs designed to help financially needy seniors who are not eligible for Medicaid with the cost of co-pays, premiums and care.

Qualified Medicare Beneficiary – one of several programs designed to help financially needy seniors who are not eligible for Medicaid with the cost of co-pays, premiums and care.

Qualifying Individual – one of several programs designed to help financially needy seniors who are not eligible for Medicaid with the cost of co-pays, premiums and care.

Real Estate Equity Exchange – see Home Equity Sharing Programs

Residential Care – see Assisted Living

Residential Care Facilities – see Assisted Living

Rest Homes – see Skilled Nursing Facilities

Retirement Communities – see Independent Living

Retirement Homes – see Independent Living

Reverse Annuity Mortgage – See Reverse Mortgage

Reverse Mortgage – a loan with high levels of consumer protection for seniors, secured by their home equity, in which the lender makes payments to the home owner.

Section 202 housing – a type of government assisted housing

Section 8 rental certificates – a type of government assisted housing

Senior Apartments – see Independent Living

Senior Housing – see Independent Living

Senior Life Settlements – see Life Settlement

Senior Settlements – see Life Settlement

Service-Connected Disability – refers to a disability incurred by a veteran that was in some way connected to their time in service.

Shared-Appreciation Arrangement – see Home Equity Sharing Programs

Sheltered Housing – see Assisted Living

Skilled Care – Care ordered by a physician that requires the medical knowledge and / or technical training of a licensed healthcare professional.

Skilled Nursing Facilities – A residential home for seniors in which care is provided by licensed healthcare professionals.

SLMB – see Specified Low-Income Medicare Beneficiary

SNF – see Skilled Nursing Facilities

Specified Low-Income Medicare Beneficiary – one of several programs designed to help financially needy seniors who are not eligible for Medicaid with the cost of co-pays, premiums and care.

Spend Down – refers to the process by which a senior will spend down all their assets on their care until their assets are depleted sufficiently to qualify for Medicaid.

TFL – see TRICARE for Life

TRICARE –a medical insurance program for military retirees and their families

TRICARE for Life – an extension of the TRICARE program for individuals over 65

Viatical Settlement – the sale, by a terminally ill policyholder, of their life insurance to a 3rd party in exchange for a lump sum of cash.

Wartime Veterans – Veterans that served at least 90 days and at least one of which was during the wartime dates below, but not necessarily in combat.

World War II: Dec 7, 1941 – Dec 31, 1946
Korean War: Jun 27, 1950 – Jan 31, 1955
Vietnam War: Aug 5, 1964 – May 7, 1975
Gulf War: Aug 2, 1990 – Undetermined