Quiz | December 2011
10 Things You Should Know About Long-Term Care
Istockphoto
As the population ages, more and more of us will require long-term care for our families and ourselves. The numbers are astounding. By 2050, there will be 80 million Americans 65 and older -- twice as many as today. But many people are confused about what long-term care entails and who pays for it. Take our quiz to see how much you know about long-term care and how you can prepare for what could be one of the biggest expenses of your life.
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 1 of 10
Which of the following best defines long-term care services:
A. rehabilitative services in a nursing home
B. help with personal care, such as eating, bathing and dressing
C. hospice care
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 1 of 10
Which of the following best defines long-term care services:
You're right! B. help with personal care, such as eating, bathing and dressing is correct.
Sorry, wrong!
is incorrect.
The right answer is B. help with personal care, such as eating, bathing and dressing.
Long-term care is needed when you have a chronic illness or disability that causes you to need assistance with "activities of daily living" -- such as bathing, dressing, eating and transferring from a bed to a chair -- as a result of physical disability or cognitive impairment resulting from conditions such as Alzheimer's Disease.
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 2 of 10
What are the odds that a person 65 or older will need long-term care?
A. 40%
B. 70%
C. 80%
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 2 of 10
What are the odds that a person 65 or older will need long-term care?
You're right! B. 70% is correct.
Sorry, wrong!
is incorrect.
The right answer is B. 70%.
On average, about 70% of individuals over age 65 will require at least some type of long-term-care services during their lifetime. Over 40% of them will need care in a nursing home. Although most people who need long-term care are older, a person can require care at any age as the result of an accident or lifelong disability. In fact, 40% of people currently receiving long-term care are adults 18 to 64 years old.
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 3 of 10
What is the average cost of one year in a nursing home? (Hint: It's expensive.)
A. Less than $25,000
B. Between $25,000 and $75,000
C. Greater than $75,000
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 3 of 10
What is the average cost of one year in a nursing home? (Hint: It's expensive.)
You're right! C. Greater than $75,000 is correct.
Sorry, wrong!
is incorrect.
The right answer is C. Greater than $75,000.
The average cost of a private room in a nursing home in 2011 is more than $87,235, which is a 4.4% increase from 2010. And prices vary by region: In Louisiana, it's about $53,000 a year; in New York, it's more than $130,000.
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 4 of 10
What is the average cost of one year in an assisted-living facility, where the services increase as the resident grows older or becomes more in need of care ?
A. Less than $30,000
B. Between $30,000 and $60,000
C. Greater than $60,000
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 4 of 10
What is the average cost of one year in an assisted-living facility, where the services increase as the resident grows older or becomes more in need of care ?
You're right! B. Between $30,000 and $60,000 is correct.
Sorry, wrong!
is incorrect.
The right answer is B. Between $30,000 and $60,000.
In 2011, the average cost of assisted living was more than $41,000 a year. Rates range considerably across the U.S., from a low of about $26,000 in Arkansas to a high of $69,000 in Washington, D.C. Assisted living bridges the gap between home care and nursing homes. Residents may need help with personal care or household chores, but they don't need round-the-clock care normally provided in nursing homes.
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 5 of 10
Medicare won't pay for long-term-care services.
A. True
B. False
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 5 of 10
Medicare won't pay for long-term-care services.
You're right! A. True is correct.
Sorry, wrong!
is incorrect.
The right answer is A. True.
Medicare, the federal health-care program for people 65 and older, covers medically necessary care in short-term settings such as a hospital or doctor's office. And while Medicare will help pay for limited stays in nursing facilities, hospice care or home health care under certain circumstances, it doesn't cover personal or custodial care, which constitutes the bulk of long-term-care services.
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 6 of 10
Anyone who needs nursing-home care can qualify for Medicaid to pay their bills.
A. True
B. False
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 6 of 10
Anyone who needs nursing-home care can qualify for Medicaid to pay their bills.
You're right! B. False is correct.
Sorry, wrong!
is incorrect.
The right answer is B. False.
Although Medicaid, the joint federal/state health-care program for the poor, pays the bulk of long-term-care costs, there are strict income-eligibility rules. Rules vary from state to state, but generally individuals must spend down their assets to their last $2,000 to qualify for Medicaid-paid long-term care. Married couples have different eligibility requirements. The healthy spouse can retain the family home, car, personal income and half the couple's assets up to certain limits. About half of the states, though, now offer a long-term-care partnership program that allows you to protect more of your assets if you exhaust the benefits of your long-term-care policy and need Medicaid to take over your bills.
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 7 of 10
How long can Medicaid "look back" over your financial records to determine if you gave away money that would disqualify you from receiving government-financed long-term care for a period of time? (Hint: It's not as long as you might think.)
A. 1 Year
B. 3 Years
C. 5 Years
D. 10 Years
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 7 of 10
How long can Medicaid "look back" over your financial records to determine if you gave away money that would disqualify you from receiving government-financed long-term care for a period of time? (Hint: It's not as long as you might think.)
You're right! C. 5 Years is correct.
Sorry, wrong!
is incorrect.
The right answer is C. 5 Years .
Stricter, new rules make it harder to give away your assets so you look poor enough on paper to qualify for Medicaid. The government can review all your financial transactions for the prior five years. If you gave away any money during that time, you would be denied Medicaid coverage for a period of time. The penalty period, which begins the day you apply for Medicaid, is based on how much money you gave away divided by the average cost of a nursing home in your area. You may have to turn to your family for help paying your bills.
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 8 of 10
People buy long-term-care insurance to:
A. pay for long-term-care expenses
B. let them choose where they receive care
C. preserve a legacy for heirs
D. all of the above
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 8 of 10
People buy long-term-care insurance to:
You're right! D. all of the above is correct.
Sorry, wrong!
is incorrect.
The right answer is D. all of the above.
Although insurance can protect you from the enormous expense of long-term care, it also allows you to choose where you receive care -- in your own home, in an assisted-living facility or in a nursing home. Most people prefer to stay in their home if possible. Long-term-care insurance premiums can be expensive, but they pale in comparison to the actual cost of care and can preserve a legacy for your heirs that otherwise would go to paying for your care.
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 9 of 10
Long-term-care insurance premiums are based on:
A. your age at time of purchase
B. the length of coverage and the number of days before coverage begins
C. the amount of the daily benefit
D. inflation protection
E. all of the above
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 9 of 10
Long-term-care insurance premiums are based on:
You're right! E. all of the above is correct.
Sorry, wrong!
is incorrect.
The right answer is E. all of the above.
Long-term-care insurance premiums are based on several factors including your age when you buy a policy, how long the policy lasts, how soon your coverage begins, how much the policy pays per day and whether your daily benefit will increase to keep pace with inflation. The younger you are when you buy the policy, the less expensive it will be. Of course, you may be paying premiums for a much longer period of time.
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 10 of 10
You can trim the cost of long-term-care insurance by:
A. shortening the benefit period
B. lengthening the elimination period before benefits begin
C. reducing the amount of the daily benefit
D. all of the above
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
Istockphoto
Question 10 of 10
You can trim the cost of long-term-care insurance by:
You're right! D. all of the above is correct.
Sorry, wrong!
is incorrect.
The right answer is D. all of the above.
A policy covering three to five years is adequate for most people and much cheaper than lifetime benefits. If you are willing to share some of the costs of your care if you need it, you can cut the cost of your policy by increasing the elimination period before benefits begin or reducing the daily benefit. The one area where you don't want to skimp is inflation protection. Because you might not need this insurance for 20 years or more, you want to make sure your daily benefit keeps pace with rising costs.
- SCORE: 0 out of 10 correct
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Quiz
10 Things You Should Know About Long-Term Care
answer_num=2,2,3,2,1,2,3,4,5,4|answer_text="B. help with personal care, such as eating, bathing and dressing","B. 70%","C. Greater than $75,000","B. Between $30,000 and $60,000","A. True","B. False","C. 5 Years ","D. all of the above","E. all of the above","D. all of the above"|total_questions=10|url=/quiz/insurance/T036-S001-10-things-you-should-know-about-long-term-care/index.html|total_pages=22|page_id=10494|evaltext_num=0|kipad_id=Long-TermCareInsuranceQuizzes
