Questions and Answers
Which Long Term Care insurance statement is true? (Select all that apply)
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?
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Which of the following will a Long Term Care plan typically provide benefits for? (Select all that apply)
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How long is the typical free look period for Long Term care insurance policies?
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Long Term Care policies will usually pay for eligible benefits using which of the following methods?
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What is Medicare Part C?
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Medicare Part B does NOT cover which of the following?
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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.
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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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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.