Private Insurance Plan for Seniors

Questions and Answers

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?

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?

Medicare Supplement

What amount of covered Long-Term Care expenses does a 'reimbursement policy' pay?

actual covered expenses up to the daily maximum Signup and view all the answers

Which of the following will a Long Term Care plan typically provide benefits for? (Select all that apply)

home health care Signup and view all the answers

How long is the typical free look period for Long Term care insurance policies?

30 days Signup and view all the answers

Long Term Care policies will usually pay for eligible benefits using which of the following methods?

expense incurred Signup and view all the answers

What is Medicare Part C?

available to those who are enrolled in Medicare Part A and Part B Signup and view all the answers

Medicare Part B does NOT cover which of the following?

inpatient hospital services Signup and view all the answers

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.

6 Signup and view all the answers

Which of the following types of care is typically not covered in a Long-Term Care policy?

acupuncture Signup and view all the answers

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.

Description

Test your knowledge on Long Term Care insurance with our flashcards. Learn about important statements and truths regarding insurance coverage for seniors, including pre-existing conditions and inflation protection.