Kaplan TX Long-Term Care and Partnership Policies Course Review
An automatic increase rider that increases the daily benefit annually on the policy's anniversary by 5% of the previous year's benefit is called a
compound benefit increase option
Care that consists of assistance in performing activities of daily living and is provided by professional and nonprofessional caregivers is called:
custodial care
What's not correct about caregivers?
formal caregivers provide the vast majority of long-term care in the US
Long-term care generally refers to care provided for
more than 90 days
What are noncancelable policies considered in the LTC industry?
rare
An event or condition that must occur before benefits are paid is called a benefit
trigger
Who pays for most of the long-term nursing home care provided in the US?
Medicaid
The Long-Term Care Model Act and Model Regulation was developed by the:
National Association of Insurance Commissioners
What facilities provide the highest level of 24-hour care?
Nursing homes
How many days will Medicare pay 100% of the covered costs of care in a skilled nursing care facility when a person meets the strict eligibility requirements?
20
How many days benefits would be paid for a 2-year benefit maximum?
730 days
What criteria should be considered when choosing an LTC insurer?
ALL of these A consumer should consider service and cost, financial strength, and reputation
What should you consider as you begin selling long-term Care insurance?
ALL of these An agent selling LTC insurance is responsible for helping prospects understand the facts of LTC, for explaining to prospects how current gov programs are inadequate to meet most LTC needs, and for advising the consumer on any questions about the agency, insurance company, or LTC policy (may be referred to the state insurance department when the consumer is not getting satisfactory answers from the source of concern)
What can you say when describing what contemporary long-term care policies cover for your client?
ALL of these Contemporary long-term care policies typically cover skilled, intermediate, and custodial care in a state-licensed nursing home; home health services provided by state-licensed or Medicare-certified home health agencies; and adult day care and other services provided in the community
What rules must be met when describing how home health care benefits are available under Medicare?
ALL of these Home health care benefits are available under Medicare if a physician prescribes and periodically reviews the need for home health care; if the patient is homebound, and the care provided is intermittent or part time; and if the care is provided by a skilled nurse who works for a Medicare-certified home health care agency
Long-term care prospects must meet criteria in which of the following areas?
ALL of these Long-term care prospects must meet criteria in the areas age, ability, and assets
Long-term care insurance premiums are based on what?
ALL of these Premiums for long-term care insurance are typically based on the product design, the prospect's health status, and the prospect's age
Medicare nursing home benefits are available only if which of the following conditions are met?
ALL of these. A doctor must certify that skilled nursing is necessary. The services/care must be provided by a Medicare-certified skilled nursing facility. The patient must have been hospitalized for at least 3 days before entering the nursing home, and the patient must have been admitted to the nursing home within 30 days of the hospital discharge
George asks about the typical free-look period of long-trem Care insurance policies. What is your answer?
Consumers are given 30 days to review the policy and return it for a full return of premium
When describing Medicare to your client Sam, what statement would NOT be correct?
Eligibility for Medicare is based on financial need
Jane is considering caregivers for her husband. Which of the following would be considered a FORMAL caregiver?
Home care aide
What is government-funded, means-tested program designed to provide health care to poor people of all ages?
Medicaid
What must be given to purchasers of LTC insurance?
Shopper's guide to long-term care insurance
What is NOT a requirement of a tax-qualified, long-term care policy?
The insured's physical impairment must be expected to last at least 30 days for benefits to be paid
How has Congress protected those who worry about becoming destitute after their spouse enters a nursing home?
Within certain minimums and maximums, the community spouse can keep half of the total assets of both spouses
