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1.
Which of the following is the largest state-federal welfare program paying for long-term care today?
Medicaid. Medicaid is the state-federal welfare program that presently pays for the largest portion of the nursing home care in America.
2.
Long-term care policies today are much like the ones sold 15 to 20 years ago.
False. LTC policies sold today are quite different from those sold 15 to 20 years ago.
3.
The purpose of state partnership programs that promote long-term care insurance is to _______.
Offer some asset protection to those who buy long-term care insurance but need to go on Medicaid anyway. These programs are meant to encourage people to buy long-term care insurance.
4.
Why does long-term care insurance cost less when you are younger?
The probability of needing long-term care is greater when you are older. Therefore, premiums are higher for older people who buy policies.
5.
An "alternate care plan" feature in a long-term care policy _______.
Allows payments for facilities and services that are not specifically defined or otherwise covered under the policy. An alternate care plan benefit allows payments for facilities and services that are not specifically defined or otherwise covered under the policy.
6.
If long-term care coverage is made available in the future by the government, existing policies could become less valuable as a result.
True. The redundancy would render existing policies less valuable.
7.
Long-term care insurance premiums are the same for everyone and are therefore easy to determine.
False. There are many factors involved in setting premiums. You will probably need personalized quotes.
8.
A realistic option that many people could use for paying their long-term care insurance premiums is a dedicated fund.
True. For many, a dedicated fund of money set aside for long-term care insurance premiums is a viable option.