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.
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