CRPC Long-Term Care Planning

Question 1

What is the national median daily cost of a private room in a US nursing home?

Accepted Answer

$300

Answer

$100

Answer

$200

Answer

$400

Question 2

Which type of care is NOT typically covered by traditional Medicare?

Accepted Answer

Long-term custodial care

Answer

Short-term skilled nursing facility care

Answer

Inpatient hospital stays

Answer

Home health care following hospitalization

Question 3

What role do Activities of Daily Living (ADLs) play in long-term care insurance policies?

Accepted Answer

They serve as a benefit trigger

Answer

They determine the premium amount

Answer

They calculate inflation adjustments

Answer

They set the elimination period

Question 4

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

Accepted Answer

A waiting period before benefits begin

Answer

The maximum benefit duration

Answer

An inflation protection rider

Answer

The period during which premiums are waived

Question 5

Under which federal provision are premiums for qualified long-term care insurance contracts deductible as medical expenses?

Accepted Answer

HIPAA qualified LTC contract standards

Answer

ACA qualified health plan rules

Answer

ERISA group plan requirements

Answer

COBRA continuation coverage rules

Question 6

What is the typical countable asset limit for a single Medicaid applicant seeking nursing home benefits?

Accepted Answer

$2,000

Answer

$10,000

Answer

$25,000

Answer

$50,000