Chapter 5: Private insurance plans for Seniors Flashcards
Which long term care (LTC) insurance statement is true?
Pre-existing conditions must be covered after the coverage has been in force for six months
Medicare Part B does NOT cover
inpatient hospital services
Which of the following statements is TRUE about medicaid?
It is funded by federal, state, and local taxes
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 “reimbursement policy” pays what amount of covered Long-Term Care expenses?
Actual covered expenses up to the daily maximum
Which of the following provides Medicare supplement policies?
Medicare
Medicaid
**Private insurance companies
All of the following are core benefits of Medicare Supplement Plan A EXCEPT:
Deductible payments for the first 60 days of hospitalization under Medicare hospitalization insurance
Medicare Part C is:
available to those who are enrolled in Medicare Part A and Part B
Which type of long-term care benefit would be most appropriate for a stroke victim who requires speech therapy administered at her home?
Home Health Care
Which of the following does Medicare part D cover?
Prescription Drugs
If a retiree on Medicare required five hospital stays in one year, which policy would provide the best insurance for excess hospital expenses?
Medicare supplement policy
The guarantee of insurability option provides a long term care policyowner the ability to:
buy additional coverage at a later date
Under a long term care policy, which benefit would typically be excluded or limited?
alcohol rehabilitation. Addictive behavior remediation is normally excluded or limited
Benefits provided by a medicare supplement policy must NOT
duplicate medicare benefits
How long is the typical free look period for Long Term Care insurance policies?
30 days
Which of the following nursing home options would BEST suit an individual who needs some nursing care and supervision but NOT full-time care?
Assisted living facility
Premiums paid that exceed 7.5% of an insured Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans?
Qualified Long Term Care plan
The purpose of medicare supplement insurance is to address gaps in medicare coverage, which can include
medicare in-hospital deductible
