Chapter 14 Exam - Private Insurance Plans for Seniors
A "reimbursement policy" pays what amount of covered Long-Term Care expenses?
Actual covered expenses up to the daily maximum
What is the MINIMUM number of Activities of Daily Living (ADL) an insured must be unable to perform to qualify for Long Term Care benefits?
2 *A qualified Long Term Care policy must stipulate that the insured be incapable of performing at least two of the ADL's without assistance for at least 90 days to qualify for benefits.
Qualified Long-Term Care policies may take into consideration an applicant's pre-existing conditions for a maximum of not more than __ month(s) prior to the effective date of coverage.
6 *If a pre-existing condition waiting period applies, the policy must not exclude coverage for any pre-existing conditions that occurred more than 6 months prior to the effective date of coverage. These conditions cannot be excluded beyond 6 months after the policy is issued.
The individual most likely to buy Medicare Supplement policy would be a(n):
68-year old male covered by Medicare *Medicare Supplements are available to those covered by Medicare.
If a retiree on Medicare required five hospital stays in one year, which policy would provide the best insurance for excess hospital expenses?
Medicare Supplement *In this situation, a Medicare Supplement policy would provide the subscriber the best coverage for excess charges.