Glossary
- Dollar-For-Dollar Asset Protection
- Normally people become eligible for Medicaid when their assets are below $2,000. Partnership Policyholders are allowed to protect assets equal to the LTC insurance benefits paid on their behalf. This amount of assets is disregarded in the eligibility determination.
- Estate Recovery
- When Medicaid recovers an amount of money from the estate of a person who received Medicaid. The maximum amount Medicaid recovers is limited to the amount it spent on the person's medical care. Assets protected under a Partnership Policy are also protected in estate recovery.
- Home Health Care
- Medical and non-medical services provided to ill, disabled or infirm persons in their home. Such services may include homemaker services, assistance with activities of daily living and respite care services.
- Inflation Protection Benefit
- Increases the daily benefit amount and policy maximums over time to help keep pace with inflation and increased cost of expenses. Partnership policies must include inflation protection benefits when issued to a person under age 76.
- Long-Term Care
- Necessary diagnostic, preventative, therapeutic, curing, treating, mitigating, rehabilitative services and maintenance and personal care services, required by a chronically ill individual pursuant to a plan of care prescribed by a licensed health care practitioner. These services are not limited to a facility. This definition is used for "qualified long-term care services" in the Internal Revenue Service code.
- Long-Term Care Insurance
- Insurance available through private insurance companies as a way for individuals to pay for long-term care.
- Medicaid
- A program sponsored by the federal and state government that is intended to provide health care and health-related services to low-income individuals.
- Medicare
- A federal government insurance program to assist those 65 and older and individuals with disabilities with medical and hospital expenses. Medicare covers only skilled care in a skilled nursing facility and limited nursing care at home. It does not usually provide benefits for personal or custodial care, and for this reason provides limited assistance in a program of long-term care. Medicare requires co-payments and deductibles.
- Partnership Policy
- A private LTC insurance policy that allows Virginia policyholders to protect (keep) some or all of their assets if they apply for Medicaid after using their policy's benefits. Virginia is one of only a few states to currently have a Partnership program.
This website was made possible through grant funding provided by the Center for Health Care Strategies.
