Private Insurance Plans for Seniors

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

Nursing home benefits must be provided for at least how many consecutive months in Long-Term Care policies?

What does the guarantee of insurability option allow a long-term care policyowner to do?

Who is most likely to buy a Medicare Supplement policy?

How do Long Term Care policies usually pay for eligible benefits?

Pre-existing conditions must be covered immediately under a Long Term Care policy.

What type of care does a Long Term Care plan typically provide benefits for?

Which type of care is typically not covered in a Long-Term Care policy?

What is Medicare Part C?

Which benefit is typically excluded or limited under a Long Term Care policy?

What is the minimum number of Activities of Daily Living (ADL) an insured must be unable to perform to qualify for Long Term Care benefits?

Qualified Long-Term Care policies may consider an applicant's pre-existing conditions for a maximum of not more than __ month(s) prior to the effective date of coverage.

If a retiree on Medicare required five hospital stays in one year, which policy would provide the best insurance for excess hospital expenses?

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

Medicare Part B does NOT cover which of the following?

Long Term Care Insurance Key Points

Typical free look period for Long Term Care insurance is 30 days.
Long-Term Care policies provide nursing home benefits for at least 12 consecutive months.
The guarantee of insurability option allows the policyowner to buy additional coverage later without evidence of insurability.
Medicare Supplement policies are often purchased by individuals covered by Medicare, specifically seniors like 68-year-old males.

Payment Methods and Eligible Benefits

Long Term Care policies generally reimburse eligible benefits on an expense-incurred basis, up to policy limits.
Pre-existing conditions must be covered after the policy has been in force for six months.
Long Term Care plans typically provide benefits for services such as home health care.

Coverage Exclusions

Acupuncture is typically not covered by Long-Term Care policies.
Alcohol rehabilitation and other addictive behavior rehabilitation services are usually excluded or limited.

Medicare and Policy Specifications

Medicare Part C, also known as Medicare Advantage, is available to those enrolled in Medicare Part A and Part B.
To qualify for Long Term Care benefits, an insured must be unable to perform at least two Activities of Daily Living (ADL) for a minimum of 90 days.
Qualified Long-Term Care policies may consider an applicant's pre-existing conditions for a maximum of 6 months prior to the effective date of coverage.

Policy Comparisons

For retirees on Medicare with multiple hospital stays, a Medicare Supplement policy is the best option for covering excess hospital expenses.
A reimbursement policy in Long-Term Care insurance pays actual covered expenses up to a specified daily maximum.
Medicare Part B does not cover inpatient hospital services, focusing instead on outpatient care, physician services, and medical supplies.

Test your knowledge on private insurance plans for seniors with these flashcards. Focus on key concepts like the free look period for long-term care and nursing home benefits in policies. Perfect for those preparing for work in senior care or insurance.