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1.
When estimating long-term care costs, you should use _______.
Actual costs today projected into the future when you are more likely to need the services. Estimate the possible cost of five years in a nursing home of your choice--not now, but late in life.
2.
It is better to have a higher maximum daily benefit than a longer benefit period because _______.
Any portion of the daily benefit unused remains available for use later. With virtually all policies now sold, any portion of the daily benefit that is not used remains available.
3.
Benefits for home-based and community-based care are often paid at _______.
75 percent of the maximum daily rate. Many policies only pay 75 percent of the maximum daily rate for home-based or community-based care services.
4.
The three most important long-term care coverage variables are benefit amount, benefit period, and the alternate plan of care.
False. The three most important LTC coverage variables are benefit amount, benefit period, and elimination period.
5.
Many insurance companies began selling long-term care insurance policies in _______.
The 1990s. Many companies jumped into the long-term care insurance business in the early 1990s.