GLOSSARY

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

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

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 – pre-death benefits from a life insurance company to a terminally ill policy-holder.

ADLs – 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.

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 – 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.

Adult Foster Care – 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.

Adult Living Facilities – 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.

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

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

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

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 – 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.

Board and Lodging – 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.

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 – 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.

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

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

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

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

Community Based Retirement Facilities – 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.

Community Residences – 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.

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 – 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.

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

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

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

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 – 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.

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 – 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.

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

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

Home Equity Conversion 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.

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

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 – 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.

HUD/FHA Home Equity Conversion 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.

HUD-insured Home Equity Conversion 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.

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

Independent Living – communities, typically of single family homes or town homes 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
 – the sale, by the policyholder, of their life insurance to a 3rd party in exchange for a lump sum of cash.

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 – 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.

Lifetime 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.

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

Modified 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.

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

MSP –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.

Non-Medical Senior Housing – 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.

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

Nursing Care and Rehabilitation – a residential home for seniors in which care is provided by licensed healthcare professionals.

Nursing Home
 – a residential home for seniors in which care is provided by licensed healthcare professionals.

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 who provide custodial care or non-medical care, in a senior’s place of residence.

Personal Care Facilities – 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.

Personal Care Homes – 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.

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 – 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.

QI – 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.

QMB – 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 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 – an agreement in which a homeowner receives a cash payment today, in exchange for some percentage of their home equity in the future.

Residential Care – 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.

Residential Care Facilities – 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.

Rest Homes – a residential home for seniors in which care is provided by licensed healthcare professionals.

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

Retirement Homes – communities; typically of single family homes or townhomes for self-sufficient seniors that want the security and social activities of a community living environment.

Reverse Annuity 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.

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

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

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

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

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

Sheltered Housing – 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.

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

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 – an extension of the TRICARE program for individuals over 65

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

Nurse helping senior with walking aid in a retirement home