CFG Financial Planning for Older Adults 4

Question 1

At what age does Medicare eligibility typically begin for most Americans?

Accepted Answer

65

Answer

Medicare eligibility begins at age 65 for most Americans who have worked and paid Medicare taxes for at least 10 years.

Question 2

Which cognitive condition is characterized by a gradual decline in memory and other cognitive functions sufficient to interfere with daily life?

Accepted Answer

Alzheimer's disease

Answer

Alzheimer's disease is the most common form of dementia, causing progressive decline in memory and cognitive function that interferes with daily activities.

Question 3

What is the Medicaid 'look-back period' for most asset transfers?

Accepted Answer

60 months

Answer

Medicaid uses a 60-month (5-year) look-back period for most asset transfers to prevent applicants from gifting assets to qualify for benefits.

Question 4

A client's long-term care policy has a 90-day elimination period. This means:

Accepted Answer

Benefits do not begin until 90 days of qualifying care have elapsed

Answer

An elimination period acts like a deductible in time; the insured must receive qualifying care for 90 days before the insurance company begins paying benefits.

Question 5

Which approach to retirement income planning segments assets into 'buckets' based on time horizon?

Accepted Answer

Bucket strategy

Answer

The bucket strategy divides retirement assets into short-, medium-, and long-term buckets with different investment allocations matching each time horizon.

(CFG) Certified Financial Gerontologist Practice Test

(CFG) Certified Financial Gerontologist Practice Test

CFG Financial Planning for Older Adults 4