CSS Long-Term Care Planning

Question 1

According to US government data, approximately what percentage of people turning 65 today will need some form of long-term care?

Accepted Answer

70%

Answer

25%

Answer

40%

Answer

90%

Question 2

Which government program pays for most long-term care services in the US for eligible low-income seniors?

Accepted Answer

Medicaid

Answer

Medicare

Answer

Veterans Affairs (VA)

Answer

Social Security Disability

Question 3

What does Medicare cover regarding long-term care in a skilled nursing facility (SNF)?

Accepted Answer

Up to 100 days of SNF care following a qualifying 3-day hospital stay, with cost-sharing after day 20

Answer

Unlimited nursing home care after a hospitalization

Answer

All custodial care for activities of daily living

Answer

No nursing home coverage at all

Question 4

What are 'Activities of Daily Living' (ADLs) in the context of long-term care eligibility?

Accepted Answer

Basic self-care tasks — bathing, dressing, eating, toileting, transferring, and continence — used to assess care needs

Answer

Daily investment transactions managed by a financial advisor

Answer

The daily tasks performed by nursing home staff

Answer

Medical procedures covered by Medicare

Question 5

What is the primary financial risk that long-term care insurance (LTCI) is designed to address?

Accepted Answer

The catastrophic cost of extended nursing home or home care, which can rapidly deplete savings

Answer

Market volatility in a retirement portfolio

Answer

Rising Medicare premiums

Answer

Social Security benefit reductions

Question 6

What is an 'elimination period' in a long-term care insurance policy?

Accepted Answer

The waiting period (typically 30–90 days) before benefits begin after a qualifying event

Answer

The period during which premiums can be waived

Answer

The time it takes for Medicaid to approve a claim

Answer

The period after which the policy lapses for non-payment