Chapter 18/8: Seniors Review
Which of the following is correct regarding premium deductibility for taxes?
Qualified LTC policy premiums are deductible over 7.5% of a persons adjusted gross income. The correct answer is: LTC policy premiums are deductible over 7.5%.
With Medicare Supplement and LTC policies, which of the following is NOT prohibited?
Replacements are not prohibited, but a producer must follow a higher standard to not violate the replacement rules. The correct answer is: Replacement
A LTC policy can't place which of the following as a condition for benefits?
A LTC policy can't place hospitalization as a condition for benefits. The correct answer is: Hospitalization
A LTC policy must provide coverage for at least:
A LTC policy must provide coverage for at least 12 months. The correct answer is: 12 months
A Medicare Supplement policy cannot have limitation or exclusions:
A Medicare Supplement can't have limitations or exclusions more restrictive than Medicare. The correct answer is: More restrictive than Medicare
A Medicare supplement policy must be guaranteed renewable for any reason EXCEPT:
A Medicare Supplement cannot be cancelled or not renewed for any reason except nonpayment of premium. The correct answer is: Nonpayment of premium
A Medicare Supplement policy can't deny or limit coverage for a preexisting condition more than
A Medicare Supplement policy can't deny or limit coverage for a preexisting condition more than 6 months after effective date of coverage. The correct answer is: 6 months after effective date of coverage
A Medicare Supplement policy must be accompanied by:
A Medicare Supplement policy must be accompanied by an Outline of Coverage. The correct answer is: Outline of Coverage
A Medicare supplement policy:
A Medicare supplement policy cannot define preexisting conditions as more restrictive than Medicare. The correct answer is: Cannot define preexisting conditions as more restrictive than Medicare.
A Shoppers Guide must be given for a LTC policy:
A Shoppers Guide must be provided for a LTC policy before giving the application or enrollment forms to the prospective client. The correct answer is: Before giving the application or enrollment forms
A group LTC policy cannot be issued in another state to a resident:
A group LTC policy issued in another state can only be issued if they have adopted LTC regulations, substantially similar to those adopted in the state. The correct answer is: Unless that state has adopted LTC regulations, substantially similar to those adopted in the state.
A preexisting condition as defined for LTC is a condition that has been treated or recommended by a medical provider within how many months of the policy's effective date?
A preexisting condition as defined for LTC is a condition that has been treated or recommended by a medical provider within 6 months of the policy's effective date. The correct answer is: 6 months
Which of the following cannot be excluded from a LTC policy?
Alzheimer's cannot be excluded from a LTC policy, but other mental or nervous disorders can be excluded. The correct answer is: Alzheimer's
A LTC policy can't be cancelled or not renewed except for:
An insurer can only cancel or not renew a LTC policy for nonpayment of the premium. The correct answer is: Nonpayment of premium
An insurer will reinstate a LTC policy if:
An insurer will reinstate a LTC policy if the insured proves cognitive impairment, pays past due premiums, or requests within 5 months of lapse to be reinstated. The correct answer is: All of the above
Drake is 80 years old and well off, he would pay his Medicare deductible and copayments with:
He would use a Medicare Supplement Policy. The correct answer is: A Medicare Supplement Policy
What type of service provides support for the terminally ill and their families?
Hospice care provides support for the terminally ill as well as for their family. The correct answer is: Hospice
Emmett's insurance agent is trying to sell him a Medicare Part A supplement, what would that cover?
Medicare Part A covers hospital expenses. The correct answer is: Hospital
Margie's Medicare pays her doctor's bill; which Part is it?
Medicare Part B pays for doctor and other medical expenses. The correct answer is: Medicare Part B
Which part of Medicare allows a senior to use an HMO or PPO?
Medicare Part C, also called Medicare Advantage utilizes HMOs or PPOs. The correct answer is: Medicare Part C
Alice wants a Medicare supplement to cover prescription drugs, which type should she buy?
Medicare Part D covers prescription drugs. The correct answer is: Part D
Medicare Supplement policies may exclude:
Medicare Supplement policies may exclude all of the above. The correct answer is: All of the above
Medicare Supplement policy benefits:
Medicare Supplement policy benefits can't duplicate Medicare. The correct answer is: Can't duplicate Medicare benefits
How long is the Free Look for from delivery for a Medicare Supplement or LTC policy?
The Free Look for from delivery for a Medicare Supplement or LTC policy is 30 days. The correct answer is: 30 days
When must an Outline of Coverage be given for a LTC policy?
The Outline of Coverage must be given at the initial time of solicitation for a LTC policy. The correct answer is: At the initial time of solicitation
An Outline of Coverage for a Medicare Supplement policy must contain all of the following EXCEPT:
The Outline of Coverage must have a 30 day Free Look for a Medicare Supplement policy. The correct answer is: A 10 Free look provision
