Podcast
Questions and Answers
Which Long Term Care insurance statement is true? (Select all that apply)
Which Long Term Care insurance statement is true? (Select all that apply)
- Benefits are usually payable for alcohol rehabilitation
- Inflation protection is usually not offered
- Can only be offered to individuals under the age of 70
- Pre-existing conditions must be covered after the coverage has been in force for six months (correct)
What does the guarantee of insurability option provide a long-term care policy owner?
What does the guarantee of insurability option provide a long-term care policy owner?
the ability to buy additional coverage at a later date
If a retiree on Medicare required five hospital stays in one year, which policy would provide the best insurance for excess hospital expenses?
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
What amount of covered Long-Term Care expenses does a 'reimbursement policy' pay?
What amount of covered Long-Term Care expenses does a 'reimbursement policy' pay?
Which of the following will a Long Term Care plan typically provide benefits for? (Select all that apply)
Which of the following will a Long Term Care plan typically provide benefits for? (Select all that apply)
How long is the typical free look period for Long Term care insurance policies?
How long is the typical free look period for Long Term care insurance policies?
Long Term Care policies will usually pay for eligible benefits using which of the following methods?
Long Term Care policies will usually pay for eligible benefits using which of the following methods?
What is Medicare Part C?
What is Medicare Part C?
Medicare Part B does NOT cover which of the following?
Medicare Part B does NOT cover which of the following?
Qualified Long-Term Care policies may take into consideration an applicant's pre-existing conditions for a maximum of not more than __ month(s) prior to the effective date of coverage.
Qualified Long-Term Care policies may take into consideration an applicant's pre-existing conditions for a maximum of not more than __ month(s) prior to the effective date of coverage.
Which of the following types of care is typically not covered in a Long-Term Care policy?
Which of the following types of care is typically not covered in a Long-Term Care policy?
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Study Notes
Long-Term Care Insurance Overview
- Pre-existing conditions are covered after a six-month waiting period if they were treated or advised within this timeframe.
- The guarantee of insurability allows policyholders to buy additional coverage later without providing evidence of insurability.
- Best option for retirees on Medicare requiring multiple hospital stays is a Medicare Supplement policy.
Policy Types and Coverage
- Reimbursement policies pay actual covered long-term care expenses up to a specified daily maximum.
- Long-term care plans typically provide benefits for home health care services.
- The typical free look period for long-term care insurance policies is 30 days.
Payment Methods and Eligibility
- Long-term care policies generally reimburse based on the expense incurred method.
- Medicare Part C (Medicare Advantage) is available to individuals enrolled in both Medicare Part A and Part B.
Medicare Coverage Details
- Medicare Part B does not cover inpatient hospital services; it mainly covers physician services and outpatient care.
- Qualified long-term care policies can only consider pre-existing conditions for a maximum of six months prior to the policy's effective date.
Exclusions in Long-Term Care Policies
- Acupuncture is typically not covered under long-term care insurance policies.
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