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Glossary of Terms:  Q - R

This glossary covers terms related to elder care, retirement and estate planning. It also includes related financial, insurance and legal terms. (For terms related to Medicare, click on Medicare Glossary.) To reduce download time, we have divided the Glossary into the following sections. Simply click on the section you want to see.

| A | B | C | D | E-F | G | H | I | J-L | M-N | O-P | Q-R | S | T-Z |

Q

Qualified Long-Term Care Insurance Policy – A policy that conforms to federal law and, as a result, offers potential federal tax advantages for some people. Sometimes referred to as a Tax-Qualified Long-Term Care Insurance Policy.

Qualified Long-Term Care Services – Defined by federal law, these are necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and maintenance or personal care services, that are required by a chronically ill individual, and are provided pursuant to a plan of care prescribed by a licensed health care practitioner. Maintenance or personal care services means any care the primary purpose of which is to provide needed assistance with any of the disabilities as a result of which the individual is a chronically ill individual (including the protection from threats to health and safety due to severe cognitive impairment).

R

Reduced Paid-up Benefits – see Nonforfeiture Benefits.

Reinstatement – If a long-term care insurance policy lapses as a result of the insured person's cognitive impairment, it can usually be reinstated in most states retroactive to the date of lapse as though no lapse occurred, with no application required for reinstatement. The request for reinstatement must be made to the insurance company within six months following the date of lapse; the insurance company's requirements for cognitive impairment must be met; and all past due premiums must be paid.

Rescind – When the insurance company voids (cancels) a policy retroactive to its effective date. Legally, it is though the policy was never issued.

Residential Care Facility – A generic term for a group home, specialized apartment complex or other institution that provides care services where individuals live. The term is used to refer to a range of residential care options including assisted living facilities, board and care homes and skilled nursing facilities. For more information, click on Assisted Living.

Respite Care – Temporary or periodic care provided by a third party for people with disabilities, illnesses, dementia or other health problems while their usual caregivers take an occasional break from their caregiving responsibilities. Respite care can be provided at home, in the community (e.g., adult day care centers or special respite programs) or overnight in a facility such as a nursing home or assisted living residence.

Revocable Trust – A trust in which a Grantor reserves the right to revoke or change. To protect the final wishes of the Grantor, a trust can become irrevocable upon the death of the Grantor.

Rider – An addition to an insurance policy that changes the provisions of the policy.

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