Long-Term Care
For long-term care policies to be considered qualified, a health professional must certify that a chronic illness will last for a minimum of
3 months
What is the definition of pre-existing condition in a long-term care policy?
A condition for which advice or treatment was received within 6 months before the effective date of coverage.
Which of the following terms describes the ability to perform certain independent tasks?
Activities of daily living
A long-term care policy cannot limit or exclude coverage for which of the following conditions?
Alzheimer's disease
What protects an insured against unintentional lapse?
Another individual also receives the premium due notice
Which of the following statements explains why a person would NOT be a good applicant for a long-term care insurance policy?
Because of his financial situation, he must rely on Medicaid to pay the cost of long-term care.
One of the requirements of a qualified long-term care policy is the inability of an insured to perform some number of the activities of daily living by themselves. Which is considered a measurement of the most impaired person?
Eating
Which of the following provisions gives a long-term care policyowner the option to purchase additional insurance amounts within specified parameters regardless of insurability?
Guarantee of insurability
A qualified long-term care insurance policy must contain which of the following requirements?
Guaranteed renewability
Which of the following statements regarding the respite care provision under a long-term care policy is CORRECT?
It pays a benefit for a family caregiver to get away from her duties for a short period of time.
Which of the following types of care is described as a broad range of medical, personal, and environmental services designed to assist individuals who have lost their ability to remain completely independent in the community?
Long-term care
Which of the following statements regarding home health care is NOT correct?
Most long-term care policies do not provide coverage for home health care.
Which of the following statements regarding group long-term care insurance is NOT true?
Plans are tailored to meet individual needs.
Which of the following is NOT one of the requirements for a policy to be considered "Qualified"?
Policies may include optional coverage for reimbursement of certain Medicare expenses.
Skilled nursing care differs from intermediate care in which of the following ways?
Skilled care must be available 24 hours a day, while intermediate care is daily, but not 24-hour, care.
A long-term care policy will cover all of the following EXCEPT
emergency hospital care
The minimum benefit period for a long-term care insurance policy is
12 months
MAG Trading Co. established a tax-qualified, long-term care insurance plan for its employees. Which of the following statements is NOT correct?
Benefits received from the plan are subject to income tax.
Which of the following is a common benefit trigger for a long-term care policy?
Cognitive or mental impairment
Qualified long-term care policies must meet the specific requirements of
HIPAA
Which of the following sets the requirements that must be met for long-term care insurance policies to be considered "Qualified"?
HIPAA
In terms of long-term care, which of the following WOULD be covered by a Medicare supplement insurance plan?
Hospice care
Becky wants to make sure that she has insurance to protect herself if she eventually needs long-term custodial or nursing home care. Which type of policy will cover these types of care?
Long-term care insurance
Which of the following statements about long-term care coverage is CORRECT?
Long-term care insurance provides a broad range of coverage for services rendered at home, at adult care centers, or in nursing homes.
Which of the following statements regarding long-term care insurance is NOT true?
Long-term care insurance requires a prior 3-day hospital stay in order to receive skilled care in a nursing home.
State long-term care insurance partnership programs are a joint effort of all of the following EXCEPT
Medicare
Which of the following is an optional benefit to a long-term care insurance policy?
Nonforfeiture benefit
Which of the following may be used as a reason to cancel a long-term care policy?
Nonpayment of premiums
Which of the following statements regarding the required provisions in a long-term care policy is NOT true?
Prior hospitalization is required for payment of benefits.
Which of the following statements regarding the elimination period in a long-term care policy is NOT true?
The longer the elimination period, the higher the premium.
All of the following are required long-term care insurance standards EXCEPT
a 10-day free-look period
Long-term care policies can limit or exclude coverage for all of the following EXCEPT
a family history of a heart condition
Regarding long-term care insurance, the existence of symptoms that would cause an ordinarily prudent person to seek diagnosis or treatment, or a condition for which medical advice or treatment was recommended by or received from a provider of health care services within 6 months before the effective date of an insured's coverage, is known as
a pre-existing condition
All of the following conditions are typically covered in a long-term insurance policy EXCEPT
alcohol dependency
A deductible that is measured in time rather than dollars is called
an elimination period
Skilled nursing long-term care is provided
around the clock
For a long-term care insurance policy to begin paying benefits, the insured must
be diagnosed as chronically ill
An optional benefit that allows an insured to buy additional coverage at certain times using their attained age is
guaranteed insurability
All of the following are types of care defined in long-term care insurance policies EXCEPT
home day care
All of the following are levels of long-term care EXCEPT
hospital care
Assisted living facilities provide
housing, meals, and help with personal care
An insurance policy benefit that increases benefits to keep up with anticipated cost increases for long-term care services is said to have
inflation protection
Javier purchased a long-term care insurance policy with an optional benefit that provides a yearly increase in benefits. His policy offers
inflation protection
Care that is provided on an intermittent basis by licensed nurses is known as
intermediate care
If a long-term care policy is considered tax qualified,
its benefits will qualify for tax-exempt treatment
A long-term care policy can be terminated because of the insured's
nonpayment of premiums
To be considered qualified, a long-term care insurance policy must conform to requirements concerning all of the following EXCEPT
premium charges
All of the following are activities of daily living EXCEPT
reading
Which of the following is NOT one of the six activities of daily living?
shopping
When marketing long-term care insurance, the insurer or agent must consider
the suitability of the purchase
