LTC Quiz: What is your Long-Term Care IQ?

Dane A. Petchul License # OE 49 145

LTC Quiz: What is your Long-Term Care IQ?

How well do you understand the issues regarding long term care?

This short quiz will clear up some common misconceptions.

1. Most long term care is provided in a nursing home.  True  False

2. The average length of stay in a nursing home is more than five years.

 True  False

3. Nursing home expenses for Alzheimer's disease patients are covered by Medicare.

 True  False

4. By shopping around or calling the company directly, you can save money on your Long-Term care insurance premium.  True  False

5. On average, a one-year stay in a nursing home costs about $35,000.  True  False

6. People have to spend all or almost all of their assets to receive Medicaid benefits.

 True  False

7. Nearly 40% of the long term care population is under the age of 65.  True  False

8. Medicare is the primary funding source for most long term costs.

 True  False

9. Disability insurance and long term care insurance cover the same type of expenses.

 True  False

10. Currently, more than 6 million people aged 65 or older need long term care.

 True  False

11. Most people overestimate the cost of long term care insurance.

 True  False

Look below for the correct answers.

__________________________________________________________

Answers:

1. The correct answer is False

88% of people who need long term care receive care at home or in a community based setting such as an adult day care center. 12% receive care in a nursing home or other institutional facilities.

2. The correct answer is False

Most nursing home stays are short, recuperative stays. 10% of the total nursing home population faces a stay of five years or more.

3. The correct answer is False

Medicare provides few benefits for long term care services needed by most people with Alzheimer's disease. Medicare provides reimbursement for skilled nursing home care. Medicare pays nothing if the individual requires only custodial care.

4. The correct answer is False

The state regulates the pricing on all insurance plans. The same plan will cost you the same from any agent or company.

5. The correct answer is False

On average, a one-year stay in a nursing home costs about $75,000. This figure can be as high as $110,000 in some regions.

6. The correct answer is True

People have to spend all or almost all of their assets to get Medicaid benefits.

7. The correct answer is True

40% of the people receiving long term care are working-age adults aged 18-65.

8. The correct answer is False

Medicare paid for only 18% of the spending in 1998.

9. The correct answer is False

Disability insurance will not cover most long term care.

10. The correct answer is True

And in fact after the age of 85, half of us will need help with ordinary activities of daily living (like bathing, dressing and eating).

11. The correct answer is True

According to a recent survey, those that do not own long term care insurance overestimated its cost by an average of 50%.