10 Things You Should Know About Long-Term Care

Question 1:

Which of the following best defines long-term care services:
A. rehabilitative services in a nursing home
B. help with personal care, such as eating, bathing and dressing
C. hospice care

Question 2:
What are the odds that a person 65 or older will need long-term care?
A. 40%
B. 60%
C. 80%

Question 3:
What is the average cost of one year in a nursing home? (Hint: It's expensive.)
A. Less than $25,000
B. Between $25,000 and $75,000
C. Greater than $75,000

Question 4:
What is the average cost of one year in an assisted-living facility, where the services increase as the resident grows older or becomes more in need of care ?
A. Less than $30,000
B. Between $30,000 and $60,000
C. Greater than $60,000

Question 5:
Medicare won't pay for long-term-care services.
A. True
B. False

Question 6:
Anyone who needs nursing-home care can qualify for Medicaid to pay their bills.
A. True
B. False

Question 7:
How long can Medicaid "look back" over your financial records to determine if you gave away money that would disqualify you from receiving government-financed long-term care for a period of time? (Hint: It's not as long as you might think.)
A. 1 Year
B. 3 Years
C. 5 Years
D. 10 Years

Question 9:
People buy long-term-care insurance to:
A. pay for long-term-care expenses
B. let them choose where they receive care
C. preserve a legacy for heirs
D. all of the above

Question 9:
Long-term-care insurance premiums are based on:
A. your age at time of purchase
B. the length of coverage and the number of days before coverage begins
C. the amount of the daily benefit
D. inflation protection
E. all of the above

Question 10:
You can trim the cost of long-term-care insurance by:
A. shortening the benefit period
B. lengthening the elimination period before benefits begin
C. reducing the amount of the daily benefit
D. all of the above

Answers:
1. B
2.B
3.C
4.B
5.True
6. False
7.C
8.D
9.D
10.D

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