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Benefits Beginner: Introduction to Buying Long-Term Care Insurance

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1.
Benefits for home-based and community-based long-term care cover _______.
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A home health aide. The care provides benefits for services provided in the home or community outside a traditional care facility.
2.
The three most important long-term care coverage variables are benefit amount, benefit period, and the alternate plan of care.
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False. The three most important LTC coverage variables are benefit amount, benefit period, and elimination period.
3.
Many insurance companies began selling long-term care insurance policies in _______.
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The 1990s. Many companies jumped into the long-term care insurance business in the early 1990s.
4.
It is better to have a higher maximum daily benefit than a longer benefit period because _______.
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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.
5.
Which of the following is not an important long-term care policy variable used in designing a policy?
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The cost of long-term care today. While the cost of long-term care is important, the future cost is more important, and that is covered by the maximum daily benefit variable.