Choose wisely. There is only one correct answer to each question.
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1.
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.
2.
The term SELF-INSURED refers to _______.
Persons who pay their own long-term care costs out of pocket. Persons who pay their own expenses are said to be self-insured.
3.
As with life insurance, you are virtually guaranteed to get your money back in benefits if you keep your long-term care policy long enough.
False. As with homeowners, auto, or other insurance policies, it is quite possible to pay premiums for years and never make a claim.
4.
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.
5.
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.
6.
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.
7.
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.
8.
Medicaid provides long-term care services to those who _______.
Are impoverished. Medicaid is only for those living in poverty.