Question 1

MATCHING:
-A federal program that provides benefits for eligible workers when they retire

Accepted Answer

Social Security is the federal program designed to provide benefits to eligible workers upon retirement, ensuring they have a source of income in their later years.

Question 2

MATCHING:
-The time that people must wait from the date they are certified as chronically ill until the date on which benefit payments for covered services begin

Accepted Answer

The elimination period in insurance, particularly in long-term care insurance, refers to the time between when an individual is certified as chronically ill and when they start receiving benefit payments.

Question 3

People with high incomes and assets generally have no need for long-term care insurance.

Accepted Answer

True

Question 4

MATCHING:
-An option that provides for increases in benefit amounts to help pay for expected future increases in the costs of long-term care services

Accepted Answer

Inflation protection in long-term care insurance policies allows for increases in benefit amounts to help cover the expected future increases in the costs of long-term care services, ensuring that the benefits keep pace with inflation and the rising cost of care.

Question 5

MATCHING:
-A provision in a long-term care insurance policy that allows the insured to stop paying premiums once benefits are received

Accepted Answer

The correct answer is "waiver of premium payment," which is a provision in some insurance policies, including long-term care insurance, that allows the insured to stop paying premiums once they start receiving benefits.

Question 6

The government pays for all nursing home care expenses.

Accepted Answer

While the government, through programs like Medicaid, may cover nursing home care for eligible individuals, not all expenses are covered for everyone, and private pay or long-term care insurance is often needed.

Question 7

MATCHING:
-A community residential living arrangement that provides individual personal care and health services for people who need help with activities of daily living

Accepted Answer

An assisted living facility is designed to provide personal care and services to individuals who require assistance with daily activities, but do not need the full-time medical care provided by a nursing home.

Question 8

MATCHING:
-A policy that pays a fixed monetary benefit, usually per day, for a designated benefit period during which the insured generally receives care at home or in a nursing home

Accepted Answer

Long-term care insurance is designed to cover the costs associated with long-term care services, which often include care at home or in nursing homes. It typically pays a fixed monetary benefit per day for a designated period.

Question 9

A long-term care insurance policy can include an option to notify a third party if the policy is about to lapse for nonpayment.

Accepted Answer

Many long-term care insurance policies offer a third-party notification feature, allowing the policyholder to designate someone to be alerted if their policy is at risk of lapsing due to nonpayment, providing an opportunity to maintain the coverage.

Question 10

Medicaid Part A pays for outpatient hospital care.

Accepted Answer

Medicaid is a separate program from Medicare, and it does not have parts labeled as "Part A" or "Part B." Medicare Part A covers inpatient hospital care, not Medicaid. Medicaid coverage can include outpatient hospital care, but it is not referred to as "Part A."

Question 11

An agent is required to help with the purchase of long-term care insurance.

Accepted Answer

An agent is not required to purchase long-term care insurance; individuals can buy it directly from insurance companies or through financial advisors.

Question 12

MATCHING:
-A feature that returns a portion of the premiums if the insured cancels the insurance policy or allows it to lapse

Accepted Answer

Nonforfeiture benefits are features in certain insurance policies that allow the policyholder to receive some benefits or a partial refund of premiums if the policy is cancelled or lapses, which directly matches the description given.

Question 13

If a person wants to buy long-term care insurance, he/she should buy a policy that covers both in- home and nursing home care.

Accepted Answer

Long-term care insurance policies that cover both in-home and nursing home care are more versatile, ensuring that the policyholder is covered regardless of how their care needs evolve over time.

Question 14

MATCHING:
-A form of public assistance that provides medical aid for people who have income and assets below a certain level

Accepted Answer

Medicaid is the public assistance program that provides medical aid to individuals and families with low income and resources.

Question 15

MATCHING:
-A federal program that makes monthly payments based on need to people age 65 or older who have low income and few assets

Accepted Answer

Supplemental Security Income (SSI) is designed to help aged, blind, and disabled people, who have little or no income by providing cash to meet basic needs for food, clothing, and shelter.

Question 16

Most insurance companies pay benefits to family members who care for loved ones at home.

Accepted Answer

Most insurance policies, including standard health and disability insurance plans, do not cover payments to family members who provide care at home. Long-term care insurance might offer some benefits for home care, but typically, standard insurance policies do not pay family members for caregiving.

Question 17

Reverse mortgages are recommended for most people to help pay for long-term care.

Accepted Answer

Reverse mortgages can be complex and expensive, and are not suitable for everyone. They may deplete home equity, leaving fewer assets for future needs or for heirs, and are typically recommended only as a last resort for funding long-term care.

Question 18

MATCHING:
-A residential institution that provides care and services for the elderly or infirm

Accepted Answer

A nursing home is a residential institution that provides care and services for the elderly or infirm.

Question 19

MATCHING:
-A federal program that provides hospital and medical insurance for people age 65 and older

Accepted Answer

Medicare is the federal program that provides hospital and medical insurance to people age 65 and older, as well as to some younger individuals with disabilities.

Question 20

Since baby boomers are generally wealthier and better educated than their counterparts of today, there will be far less need for them to plan for long-term care.

Accepted Answer

Baby boomers, despite being wealthier and better educated, still face significant healthcare and long-term care costs as they age, making planning for long-term care essential.

Quiz 15: Long-Term Care

MATCHING: -A federal program that provides benefits for eligible workers when they retire

MATCHING: -The time that people must wait from the date they are certified as chronically ill until the date on which benefit payments for covered services begin

People with high incomes and assets generally have no need for long-term care insurance.

MATCHING: -An option that provides for increases in benefit amounts to help pay for expected future increases in the costs of long-term care services

MATCHING: -A provision in a long-term care insurance policy that allows the insured to stop paying premiums once benefits are received

The government pays for all nursing home care expenses.

MATCHING: -A community residential living arrangement that provides individual personal care and health services for people who need help with activities of daily living

MATCHING: -A policy that pays a fixed monetary benefit, usually per day, for a designated benefit period during which the insured generally receives care at home or in a nursing home

A long-term care insurance policy can include an option to notify a third party if the policy is about to lapse for nonpayment.

Medicaid Part A pays for outpatient hospital care.

An agent is required to help with the purchase of long-term care insurance.

MATCHING: -A feature that returns a portion of the premiums if the insured cancels the insurance policy or allows it to lapse

If a person wants to buy long-term care insurance, he/she should buy a policy that covers both in- home and nursing home care.

MATCHING: -A form of public assistance that provides medical aid for people who have income and assets below a certain level

MATCHING: -A federal program that makes monthly payments based on need to people age 65 or older who have low income and few assets

Most insurance companies pay benefits to family members who care for loved ones at home.

Reverse mortgages are recommended for most people to help pay for long-term care.

MATCHING: -A residential institution that provides care and services for the elderly or infirm

MATCHING: -A federal program that provides hospital and medical insurance for people age 65 and older

Since baby boomers are generally wealthier and better educated than their counterparts of today, there will be far less need for them to plan for long-term care.