Long-Term Care Planning Flashcards
6 cards from real CSS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Long-Term Care Planning flashcards as text
According to US government data, approximately what percentage of people turning 65 today will need some form of long-term care?
Answer: 70%
The US Department of Health and Human Services estimates that about 70% of people turning 65 will need some type of long-term care services during their lifetime.
Which government program pays for most long-term care services in the US for eligible low-income seniors?
Answer: Medicaid
Medicaid is the primary government payer for long-term care services, covering nursing home and home care costs for seniors who meet income and asset limits.
What does Medicare cover regarding long-term care in a skilled nursing facility (SNF)?
Answer: Up to 100 days of SNF care following a qualifying 3-day hospital stay, with cost-sharing after day 20
Medicare covers up to 100 days of skilled nursing facility care after a qualifying 3-night hospital stay, with full coverage for days 1–20 and cost-sharing for days 21–100.
What are 'Activities of Daily Living' (ADLs) in the context of long-term care eligibility?
Answer: Basic self-care tasks — bathing, dressing, eating, toileting, transferring, and continence — used to assess care needs
ADLs are six basic self-care functions used by insurers and Medicaid to measure functional impairment; needing help with 2 or more typically triggers long-term care insurance benefits.
What is the primary financial risk that long-term care insurance (LTCI) is designed to address?
Answer: The catastrophic cost of extended nursing home or home care, which can rapidly deplete savings
Long-term care insurance protects against the potentially devastating cost of extended care, such as nursing home stays averaging over $90,000 per year, which can quickly exhaust retirement savings.
What is an 'elimination period' in a long-term care insurance policy?
Answer: The waiting period (typically 30–90 days) before benefits begin after a qualifying event
The elimination period is a self-insured waiting period, similar to a deductible expressed in days, that must pass after a qualifying care need before the LTCI policy begins paying benefits.