CFG Healthcare & Long-Term Care Planning Flashcards
6 cards from real CFG practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CFG Healthcare & Long-Term Care Planning flashcards as text
Which federal program provides prescription drug coverage to Medicare beneficiaries?
Answer: Medicare Part D
Medicare Part D provides outpatient prescription drug coverage through private insurance plans approved by Medicare.
What is a 'hybrid' or 'linked benefit' long-term care insurance policy?
Answer: A life insurance or annuity policy with a long-term care benefit rider
Hybrid LTCI policies combine a life insurance policy or annuity with a long-term care benefit, so that if LTC benefits are not needed, a death benefit is paid to heirs.
What is the primary goal of 'asset-based' long-term care planning strategies?
Answer: Repositioning existing assets to fund potential long-term care needs while preserving wealth for heirs
Asset-based LTC planning repositions savings or investments—often through hybrid insurance products—to provide LTC coverage while retaining the asset's value for heirs if care is not needed.
Which of the following is a key difference between Medicare and Medicaid when paying for nursing home care?
Answer: Medicare covers skilled nursing care for a limited time after hospitalization while Medicaid can cover long-term custodial care
Medicare covers skilled nursing facility care for up to 100 days following a qualifying hospital stay, whereas Medicaid covers long-term custodial nursing home care for eligible low-income individuals.
What is a 'Partnership Program' in the context of long-term care insurance?
Answer: A state-federal program allowing individuals with qualifying LTCI to protect additional assets from Medicaid spend-down equal to benefits received
State Partnership Programs allow individuals who exhaust qualifying LTCI benefits to apply for Medicaid while protecting assets equal in value to the insurance benefits paid, known as 'dollar-for-dollar' asset disregard.
What does the term 'aging in place' mean in the context of elder care planning?
Answer: Remaining in one's own home and community as care needs increase, using home modifications and support services
Aging in place refers to the ability of older adults to live in their own home safely and comfortably as they age, supported by home modifications, community services, and in-home care.