Long-Term Care Planning Flashcards
6 cards from real CRPC 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
What is the national median daily cost of a private room in a US nursing home?
Answer: $300
The national median cost for a private nursing home room is approximately $300 per day, or about $108,000 per year.
Which type of care is NOT typically covered by traditional Medicare?
Answer: Long-term custodial care
Medicare does not cover long-term custodial care such as assistance with activities of daily living.
What role do Activities of Daily Living (ADLs) play in long-term care insurance policies?
Answer: They serve as a benefit trigger
Inability to perform a specified number of ADLs (typically 2 of 6) triggers long-term care insurance benefits.
What is the elimination period in a long-term care insurance policy?
Answer: A waiting period before benefits begin
The elimination period is a time-based deductible (typically 30–90 days) during which the insured pays out-of-pocket before benefits begin.
Under which federal provision are premiums for qualified long-term care insurance contracts deductible as medical expenses?
Answer: HIPAA qualified LTC contract standards
HIPAA established standards for qualified LTC insurance contracts whose premiums are deductible as medical expenses subject to age-based limits.
What is the typical countable asset limit for a single Medicaid applicant seeking nursing home benefits?
Answer: $2,000
In most states, a single Medicaid applicant must reduce countable assets to approximately $2,000 to qualify for nursing home benefits.