Ch. 5 health Flashcards
What are the 5 long-term care coverages?
Home, community, Adult day care, respite care, continuing care
Taxation of long-term care benefits
Amounts received under an LTC contract are excluded from income because they are considered amounts received for personal injuries and sickness
Premiums paid for a qualified long-term care insurance policy may be deductible as a medical expense on your tax return, subject to certain limitations. This is generally only if you itemize deductions and the total medical expenses exceed a certain percentage of your adjusted gross income
State partnerships programs
State Partnership Programs aim to promote the purchase of private long-term care insurance by offering asset protection benefits. They help individuals protect their savings while still qualifying for Medicaid if needed
Medicare Supplements health insurance (Medigap)
provides coverage to fill the gaps in Medicare coverage
Medicare Select
a type of Medicare supplement (Medigap) plan sold in some states that can be any of the standardized Medigap plans (A-N) but which requires policy holder to receive services from within a defined network of hospitals and - in some cases - doctors in order to be eligible for full benefits
Medicare part D
a program that offers a prescription drug benefit to help Medicare beneficiaries pay for the drugs they need. The drug benefit is optional and is available to anyone who is entitled to Medicare Part A or enrolled in Part B. This benefit is available through private prescription drug plans (POPs) or Medicare Advantage (PPO) plans
Long-term care insurance
the broad range of medical and personal services for individuals (often the elderly) who need assistance with daily activities for an extended period of time
Skilled nursing care
daily nursing care ordered by a doctor; often medically necessary
Custodial care
the level of health or medical care given to meet daily personal needs, such as dressing, bathing, getting out of bed, etc. administered under a physician’s order
Home health care
is skilled or unskilled care provided in an individual’s home, usually on a part-time basis
Adult daycare
a type of care (usually custodial) designed for individuals who require assistance with various activities of daily living, while their primary caregivers are absent. Offered in care centers
Respite care
a type of health or medical care designed to provide a short rest period for a caregiver. Characterized by its temporary status
Core benefits of Medicare for seniors
All Medicare Supplement plans cover coinsurance on hospital costs, up to an additional 365 days after Medicare Part A hospital benefits run out
Long-term care partnership programs
a Federally-supported, state-operated initiative that allows individuals who purchase a qualified long-term care insurance policy or coverage to protect a portion of their assets that they would typically need to spend down prior to qualifying for Medicaid coverage
Continuing care
Designed to provide a benefit for elderly individuals who live in a continuing care retirement community
