F.46 Eldercare and special needs planning

Question 1

Insurance designed to cover services such as nursing home care, assisted living, and in-home care for individuals with chronic illnesses or disabilities.

Answer 1

Long-Term Care Insurance

Question 2

The process of reducing assets or income to qualify for Medicaid coverage of long-term care services.

Answer 2

Medicaid Spend-Down

Question 3

A federal program that provides financial assistance to elderly, blind, or disabled individuals with limited income and resources.

Answer 3

Supplemental Security Income

Question 4

A trust designed to provide financial support to individuals with disabilities without jeopardizing their eligibility for government benefits like Medicaid or SSI.

Answer 4

Special Needs Trust

Question 5

A tax-advantaged savings account for individuals with disabilities, allowing them to save for qualified expenses without affecting government benefits.

Answer 5

ABLE Account

Question 6

A legal document granting an individual the authority to make financial or medical decisions on behalf of another person.

Answer 6

Power of Attorney

(POA)

Question 7

A legal arrangement where a court appoints an individual to make decisions on behalf of a person who is unable to do so due to incapacity or disability.

Answer 7

Guardianship

Question 8

A private insurance alternative to traditional Medicare that provides additional benefits, often including dental, vision, and prescription drug coverage.

Answer 8

Medicare Advantage Plan (Part C)

Question 9

The process of creating legal and financial arrangements to ensure a person with disabilities has continued financial support and care after the death of their caregivers.

Answer 9

Estate Planning for Special Needs