| A | B | C | D | E-F | G-H | I | J-L | M-N | O-P | Q-R | S | T-Z |
G
Geriatrician – A physician who specializes in the care of the elderly, primarily those who are frail and have complex medical and social problems.
Gift Tax — A tax on gifts to non-charitable beneficiaries. For gifts that exceed the annual gift tax exclusion, the donor is required to file a gift tax return and pay all applicable taxes. The person who receives the gift does not have to pay any gift tax.
Gift Tax Exclusion — The maximum amount one person is allowed to give to another person without incurring Federal gift tax. The annual exclusion for gifts made in 2009 is $13,000 per year per recipient ($12,000 in 2008). There is no limit on the number of these gifts you can make to different people in a year. A husband and wife can give a total of $26,000 ($13,000 each) in 2009 ($24,000 and $12,000 respectively in 2008) to the same person. To qualify for the exclusion, a gift must be of a “present interest,” meaning that the recipient can make use of the gift immediately, and the donor must not have any control over the asset after it is given. There are no exclusion limits on gifts given to a spouse unless the spouse is not a U.S. citizen. Generally, if a gift qualifies for the exclusion, the donor does not have to file a gift tax return. The person who receives the gift does not have to pay any gift tax.
Grace Period – This is the period of time (usually 30 days) during which you can still pay your premium after its due date. Your policy will remain in force during the grace period. But if you have a claim, the premium remaining due will be deducted from any payment of benefits. If you don’t pay the premium by the end of the grace period, your policy will lapse.
Grantor – The person who creates a trust; also called a trustor.
Guaranteed Renewable – Most Medicare Supplement and long-term care insurance policies are guaranteed renewable. That is, the policy cannot be cancelled by the insurance company unless: (1) you committed fraud in your application for the policy, (2) you have not paid the required premium and the policy has lapsed, or (3) benefits have been exhausted. A guaranteed renewable policy cannot be cancelled because of a change in your health condition, or your marital or employment status. However, the insurance company may increase premiums, but only on an entire class of policies, not just on your policy, and never because of any claims paid to you.
Guardian – A person who is appointed by a court and charged with the legal duty to care for another person who is unable to care for himself or herself.
H
Hands-On Assistance – Physical assistance without which an individual would not be able to perform an activity of daily living.
Health Maintenance Organization (HMO) – For most people age 65 and older, a type of Medicare managed care plan where a group of doctors, hospitals and other health care providers agree to give health care to Medicare beneficiaries for a set amount of money from Medicare every month. In an HMO, you usually must get all of your care from the providers that are part of the plan; if you use providers that are outside your HMO plan, you will pay for their services out of your own pocket.
Heir – Someone who inherits assets from an estate of another person who has died. The heir does not have to pay income tax or estate tax on the value of the inheritance received.
Home Health Care (Home Care) – Supportive services in the home ranging from skilled nursing care and occupational, physical, respiratory and speech therapy … to assistance with activities of daily living and housekeeping. This support allows many older people to remain in their own homes. For more information, click on Home Health Care.
Home Health Aides – Individuals who provide non-medical health care to people at home. Training or certification requirements vary from state-to-state, but typical services include assistance with activities of daily living, managing medications and some household tasks. In some states, only licensed home health aides can provide hands-on assistance.
Homemaker Services – Household services done by someone other than yourself because you are unable to do them. These services can include shopping, laundry, light cleaning, meal preparation and transportation assistance. Homemakers cannot provide hands-on care in most states.
Hospice Care – Continuous care provided for a terminally-ill person, and his or her family, during the final stages of life. (A terminally-ill person has a life expectancy of six months or less.) Hospice care can be provided at home, in a facility with a homelike setting, a hospital or a nursing home. The care includes physical care, counseling and support services, but does not attempt to cure any illness.