LTC Quiz Answers

LTC Quiz Answers.

1. FALSE. Disability Insurance provides you with income if you become sick or injured and are unable to work. It is not designed to cover long-term care expenses.¹

2. TRUE. It is estimated that approximately 70% of people over age 65 will require long-term care services in their lives.²

3. TRUE. While the maximum level of assets you’re allowed to keep varies from state to state, people are required to spend down assets to a significantly low level before they can qualify for Medicaid benefits.³ In some states, policyholders may receive additional asset protection if they have a Partnership-qualified policy.

4. TRUE. Medicare spending accounted for 22.4% of total long-term care expenditures in 2012. While it primarily covers acute care, it pays for limited stays in post-acute skilled nursing care facilities and home health care.⁴

5. FALSE. Most long-term care is not provided in nursing homes. 65% of older adults who receive long-term care do so in their own homes or community settings.⁵

6. FALSE. Medicaid primarily covers long-term care services in nursing homes. In states where Medicaid does cover home-based long-term care services, it is done so on a limited basis.⁶

7. FALSE. Medicare provides few benefits for the long-term care services required by most people with Alzheimer’s Disease. Full reimbursement for skilled nursing home care is limited to 100 days per benefit period, after which time the patient must contribute to the costs. Also, Medicare pays nothing if the patient requires only custodial care.⁷

8. FALSE. The average length of stay in a nursing home is 2.4 years.⁸

9. TRUE. Long-term care in the United States is needed by 10.9 million ‘community’ residents, half of the non-elderly.⁹

10. FALSE. On a national average, a one-year stay in a nursing home costs about $94,000.¹⁰

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1. National Association of Health Insurance Advisors, “Disability Income Guide and Long-Term Care Guide,” 2014

2. U.S. Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, www.longtermcare.gov, April 2014

3. U.S. Department of Health and Human Services, Human Resources and Services Administration, Basic Description of the Medicaid Program 2014

4. CRS Report, “Who pays for Long-Term Care Services and Supports? A fact sheet”, p.2-3, April, 2014

5. U.S. Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, www.longtermcare.gov. April 2014

6. The Official U.S. Government Site for People with Medicare, www.medicare.gov, Medicaid and Long-Term Care, “What is Long-Term Care?” April 2014

7. Medicare and You, 2014, CMS Pub. No. 10050, p. 56, 2014

8. U.S. Department of Health and Human Services, CDC Report (PHS) 2009-1738, p. 4, 2009

9. 2011 LTC Sourcebook, American Association for Long-Term Care Insurance “Facts at your fingertips – Aging & Need.”

10. John Hancock 2013 Cost of Care Survey, conducted by LifePlans, Inc.

    
    

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