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1.
Which of the following is probably the most effective way to explore financing long-term care insurance premiums?
Talk with a financial planner. A financial planner can assess your needs and your situation and help you find ways to finance premiums.
2.
If you transfer assets to others in hopes of qualifying for Medicaid, the state will check up on you.
True. The state provides lookback periods in which it checks to see whether you are being paid for the assets you transfer.
3.
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.
4.
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.
5.
To determine how much you will need to set aside to pay for your long-term care expenses, you should take into account all but which of the following?
Current long-term care premiums. These will not help you determine how much you will need for long-term care expenses.
6.
What will be the value of a long-term care policy purchased today if the government makes long-term care a benefit for all people?
It will likely become less valuable. It may become redundant and of little or no value.
7.
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.
8.
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.