We understand that a lot of this may seem very confusing, but we are here to help you understand the terminology. Here are some Senior Care Terms that you may commonly see.
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 Life are: Also for ADL’s
Ambulating
Feeding
Dressing and undressing
Bathing and grooming
Safe Restroom use and Continence maintenance
Function of Transfers ( getting from bed to chair, etc)
Memory Care and stimulation.
ADB – (Accelerated Death Benefits) – pre-death benefits from a life insurance company to a terminally ill policy holder
ADLs – (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.
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 special monthly allowance to VA pension that increases the amount of benefit received by the claimant. The Claimant must be legally blind, bedridden, a patient of a nursing home, or requires the assistance of another because of a cognitive impairment or needed assistance with activities of daily living.
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 – 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.
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 – is a 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.
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 programs 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 – A residential home for seniors in which care is provided by licensed healthcare professionals.
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.
Guardian or Legal Guardian – A legal guardian has the legal authority and duty to care for another person, called a “ward.” Legal guardians are usually found in one of three situations: Guardianship of an elderly person incapacitated by infirmity or old age; guardianship of a developmentally disabled adult; and the guardianship of a minor child.
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.
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 – 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 special allowance to VA pension. The claimant will receive the Housebound Allowance if the claimant is substantially confined to the home or immediate premises due to a disability which is reasonably certain to remain throughout his or her lifetime.
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.
Instrumental Activities of Daily Life – also IADL’s
Managing Finance
Managing Transportation
Shopping and Meal Prep
Housekeeping and Home Maintenance
Manages communication
Manages medications.
Improved Pension Program – A cash benefit of wartime veterans and surviving spouses of wartime veterans who have a non-service connect disability.
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 – 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 – on an application for Medicaid or VA pension benefits, a period of time in which the State Medicaid agency or VA “looks-back” to determine if any transfers were made by the applicant in the review period to reduce assets. For Medicaid this is 60 months. For VA this is 36 months.
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 (Mortgage Insurance Premium) – 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 mortgages borrowers that provides additional consumer protections.
MSP (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.
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 and Medicaid.
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 – 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 (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.
QI (Qualifying Individual) – one of several programs designed to help financially needy seniors who are not eligible for Medicaid with the cost of Medicare co-pays, premiums and care.
QMB (Qualified Medicare Beneficiary) – one of several programs designed to help financially needy seniors who are not eligible for Medicaid with the cost of Medicare 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 Medicare 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 Medicare 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.
Skilled Nursing Facilities – A residential home for seniors in which care is provided by licensed healthcare professionals.
SLMB (Specified Low-Income Medicare Beneficiary)– see one of several programs designed to help financially needy seniors who are not eligible for Medicaid with the cost of Medicare co-pays, premiums and care.
SNF – (Skilled Nursing Facilities) – A residential home for seniors in which care is provided by licensed healthcare professionals.
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 Medicare co-pays, premiums and care.
Spend Down – refers to those assets that are in excess of limits imposed by Medicaid, VA pension, and other public benefit programs. Those excess assets that create a barrier to eligibility must be reinvested in exempt assets, transferred, or otherwise “spent down” before qualifying for benefits..
TFL (TRICARE for Life)– 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