Navigating the world of senior living can be complex and often comes with unfamiliar terms. Understanding these key concepts is crucial when making decisions about care options for a loved one. This glossary provides a comprehensive overview of important terms related to senior living and long-term care, helping families feel more confident and informed as they explore their options. Let us know in the comments if you would like us to add more terms.
1. SeniorLivingCPO Home Equity
For seniors with most of their wealth tied up in their home, SeniorLivingCPO offers an innovative solution. Seniors can access a large portion of their home equity within 14 days—without the hassle of repairs, showings, or waiting for the sale to close. SeniorLivingCPO even fronts the cost to refresh the home before sale, often resulting in a higher selling price. Many seniors who choose this path make more money than through traditional home listings. Click on Get Cash Offer button top left.
2. Accelerated Death Benefit
A life insurance feature that allows policyholders to access a portion of the death benefit prior to death if they are diagnosed with a terminal illness. This can help cover medical expenses or long-term care costs.
3. Activities of Daily Living (ADLs)
Basic self-care tasks that are critical for daily functioning, including:
- Bathing
- Dressing
- Transferring (e.g., moving in and out of bed)
- Eating
- Managing incontinence
ADLs are often used to determine eligibility for services or benefits, including long-term care insurance.
4. Acute Care
Medical care provided in response to acute health conditions, such as injuries or illnesses. It focuses on short-term recovery and is usually provided by skilled professionals in settings like hospitals.
5. Adult Day Services
Programs offered at community-based centers that provide care and social support for seniors during the day. These services are designed for those who need supervision and assistance but do not require 24-hour care.
6. Advanced Directive
Also known as a living will or healthcare directive, this legal document outlines the healthcare decisions you wish to be made if you become incapacitated and are unable to communicate your wishes.
7. Aging and Disability Resource Centers (ADRCs)
ADRCs serve as a central resource for seniors and people with disabilities, offering access to information, services, and long-term care options. They help individuals navigate the system and make informed choices about their care.
8. Alzheimer's Disease
A progressive, degenerative form of dementia that affects memory, thinking, and behavior. Early symptoms include memory loss, followed by confusion and difficulty with everyday tasks.
9. Annuity
A financial product in which an individual pays an insurance company a lump sum or makes regular payments. In return, the individual receives periodic payments over a specified period or for life, often used to fund long-term care.
10. Assisted Living Facility
A type of residential care that provides seniors with assistance in daily activities such as bathing, dressing, medication management, and meal preparation, while still allowing for a degree of independence.
11. Benefit Triggers
Specific conditions that must be met for long-term care insurance policies to begin paying benefits. This typically includes the inability to perform at least two ADLs or having a cognitive impairment such as Alzheimer's disease.
12. Caregiver
A person who provides care for an elderly individual or someone with a disability. Caregivers can be family members, friends, or paid professionals who assist with activities of daily living and other tasks.
13. Charitable Remainder Trust
A financial instrument that allows an individual to transfer assets into a trust, receive income for life or a set period, and have the remainder go to a designated charity upon their death.
14. Cognitive Impairment
A decline in memory, thinking, or reasoning skills severe enough to affect a person’s daily life. Alzheimer’s disease is the most common type of cognitive impairment.
15. Continuance Care Retirement Communities (CCRCs)
Communities that offer a continuum of care, from independent living to assisted living and skilled nursing care, allowing residents to stay in one location as their needs change.
16. Medicaid
A joint federal and state program that provides healthcare coverage to low-income individuals, including seniors needing long-term care. Medicaid covers long-term care services for those who qualify based on income and asset thresholds.
17. Medicare
A federal program that provides healthcare coverage to individuals aged 65 and older, or those with certain disabilities. Medicare does not typically cover long-term care but may cover short-term stays in a skilled nursing facility or hospice care.
18. Reverse Mortgage
A financial tool available to seniors aged 62 or older that allows them to convert home equity into cash. The loan is repaid when the homeowner sells the house or passes away, and it can be a viable option for funding long-term care.
19. Respite Care
Temporary care designed to give primary caregivers a break. Respite care can last from a few hours to a few weeks and can be provided at home, in adult day care, or in a healthcare facility.
20. Skilled Nursing Care
Medical care provided by licensed nurses for individuals who require ongoing medical treatment, such as wound care, intravenous (IV) therapy, or rehabilitation services. Skilled nursing care is often provided in nursing homes or rehabilitation centers.
By understanding these terms and concepts, families can make more informed decisions about the care options available to their loved ones. If you're feeling overwhelmed by the process, remember that SeniorLivingCPO is here to help you every step of the way, from navigating finances to finding the right care community.
Let us know in the comments if you have any other terms you'd like us to add or if you have any questions about senior living and care. We're here to support you!
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