Exempt Assets
Exempt assets are those that Medicaid does not consider when determining your eligibility for Medicaid long-term care benefits.
The Complete Glossary on Long-Term Care
Explore clear, easy-to-understand definitions of the terms and concepts that shape long-term care planning. Whether you’re researching coverage options, care types, or planning terms, our glossary helps you make sense of the details so you can plan with confidence.
Term of the Day
Inflation Protection
Usually, the policyholder can choose between Simple and Compound increases. Simple increases add the same dollar amount to the monthly or daily benefit each year.
Categories
Topics
Care Types
Nonforfeiture
This is a rider on a Long-Term Care Insurance policy that says if you stop paying the premium on a policy (lapse), it will provide a residual benefit to the policyholder.
Pool of Money
A pool of money is the total amount of benefits available within a Long-Term Care Insurance policy. This amount can change with inflation benefits.
Toileting
One of the Activities of Daily Living used to trigger benefits under a Long-Term Care policy. This is generally defined as getting to and from the toilet, getting on and off the toilet, and performing associated personal hygiene activities.
Skilled Nursing Facility
A skilled nursing facility offers skilled care for those with complex care needs who may not be able to get the help they need at other care facilities.
Standby Assistance
Standby assistance is care that requires a caregiver to remain close to the individual in case they need help with daily tasks.
Survivor Benefits
This is a rider which can be purchased by a couple. If both spouses who own a Long-Term Care policy upon the death of one spouse, convert the policy of the surviving spouse to paid-up status. That is, the surviving spouse needs to pay no further premiums. This usually requires a higher premium for this option.
Health Insurance Portability and Accountability Act (HIPAA)
The Act, in part, specifies requirements that a Long-Term Care Insurance policy must meet in order that premiums paid may be deducted as medical expenses, and benefits paid not to be considered taxable income.
Substantial Supervision
This is the continual supervision (such as cuing by verbal prompting, gestures, or other demonstrations) that is required in order to protect the cognitively impaired individual from threats to his or her health or safety.
Deficit Reduction Act (DRA)
This is a law signed into law by President Bush in 2005 that significantly tightens the eligibility for Medicaid payment of long-term care services. The law changed the look-back period for asset transfers from 3 years to 5 years.
Homemaker Services
This provides additional services in a Long-Term Care policy for a person to provide laundry, housekeeping, transportation, and shopping assistance when provided in conjunction with other home care services.
Convalescent Care Facility
This is an institution devoted to providing medical, nursing, or custodial care for an individual over a prolonged period, such as during the course of a chronic disease or the rehabilitation phase after an acute illness.