Chapter 16- 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 A "reimbursement policy" pays the actual covered expenses up to the daily maximum.

which of the following types of care is typically not covered in a long-term care policy?

acupuncture

Under a Long Term Care policy, which benefit would be typically excluded or limited?

alcohol rehabilitation

The guarantee of insurability option provides a long-term care policyowner the ability to

buy additional coverage at a later date In long-term care insurance, the guarantee of insurability option provides the insured with the ability to purchase additional insurance at a later date without evidence of insurability.

long term care policies will usually pay for eligible benefits using which of the following methods?

expense incurred

Which of the following will a Long Term Care plan typically provide benefits for?

home health care A Long Term Care policy will typically pay for home health care.

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 benefit

How long is the typical free look period for Long Term care insurance policies?

30 days Most Long Term Care policies require a 30-day free look period.

the individual most likely to buy a medicare supplement policy would be a(n):

68-year old male covered by Medicare Medicare Supplements are available to those covered by Medicare.

which long term care insurance statement is true?

Pre-existing conditions must be covered after the coverage has been in force for six months Pre-existing conditions are those for which medical advice or treatment was recommended by or received from a health provider within 6 months preceding the effective date of an individual long-term care policy.