Which of the following is a common benefit trigger for a long-term care policy?
Asked by: Devante Bednar II | Last update: October 10, 2023Score: 4.4/5 (30 votes)
The inability to perform activities of daily living (ADLs), cognitive impairment, and medical necessity are common triggers for eligibility for long-term care benefits.
What is a common benefit trigger for long-term care?
Benefit triggers: Are the criteria insurance policies use to determine if you are eligible for long-term care benefits. Are determined through a company sponsored nurse/social worker assessment of your condition. Usually are defined in terms of Activities of Daily Living (ADLs) or cognitive impairments.
Which is a common benefit period in a long-term care insurance policy?
A benefit period may range from two years to lifetime. You can keep premiums down by electing coverage for three to four years—longer than the average nursing home stay—instead of lifetime.
What are the basic benefits of the long-term care policy?
Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating.
Which of the following does not trigger benefits under a long-term care policy?
Financial need is not a benefit trigger for long-term care policy benefits.
What triggers your long-term care insurance policy?
Does cognitive impairment trigger LTC?
The inability to perform activities of daily living (ADLs), cognitive impairment, and medical necessity are common triggers for eligibility for long-term care benefits. None of these is “not” a trigger.
Which benefit would be typically excluded or limited under a long-term care policy quizlet?
Under a Long Term Care policy, which benefit would be typically excluded or limited? Addictive behavior rehabilitation is normally excluded or limited under a Long Term Care policy.
What are the three main types of long-term care insurance policies?
There are three main types of long-term care insurance: traditional long-term care insurance, hybrid long-term care insurance and life insurance with a long-term care rider. Each type of coverage has different pros and cons worth considering.
Which of the following is true regarding optional benefits with long-term care policies?
Which of the following is true regarding optional benefits with long-term care policies? They are available for an additional premium. Six months to 2 years.
What are four reasons people may purchase long-term care insurance?
To protect their assets against the high costs of long term care; to preserve their children's inheritance. To make long term care services affordable, such as home health care and custodial care. To provide themselves with more options than just nursing home care, and to pay for nursing home care if it's needed.
What are some long term benefits?
Long-term Care Insurance
These benefits typically involve nursing home care, respite care, assisted-living facilities, home health care, hospice care, and adult daycare.
Which is a long term benefit?
Long-term benefit schemes are all those employment benefits that are due after 12 months of employment.
Which of the following are usually covered by long-term care insurance?
In the home setting, comprehensive polices generally cover these services: Skilled nursing care. Occupational, speech, physical, and rehabilitation therapy. Help with personal care, such as bathing and dressing.
What does long-term care benefit period mean?
The Benefit Period is usually expressed in years. This can range anywhere from two years to unlimited years (lifetime coverage). This is total amount that the policy will pay after a disability and claim begins. Common options are 2, 3, 4, 5, 6 years or a lifetime/unlimited policy.
What is benefit trigger provision?
Benefit trigger means a contractual provision in a policy of long-term care insurance that conditions the payment of benefits on a determination of the insured's ability to perform activities of daily living and on cognitive impairment, or on other conditions of the insured as specified in the policy.
What is the minimum benefit period for long-term care quizlet?
Long-term care insurance policies provide coverage for at least 12 months.
What may a long-term care policy exclude coverage for quizlet?
Long-term Care policies can: Exclude coverage for a loss that is the result of a preexisting condition that occurred two months before the effective date of coverage.
What is long-term care mainly associated with?
Individuals need long-term care when a chronic condition, trauma, or illness limits their ability to carry out basic self-care tasks, called activities of daily living (ADLs), (such as bathing, dressing or eating), or instrumental activities of daily living (IADLs) (such as household chores, meal preparation, or ...
What is the biggest drawback of long-term care insurance?
The Biggest Drawback of Long-Term Care Insurance
The biggest issue lies in its cost. Premiums for traditional long-term care insurance can be high and often increase over time.
What are 4 examples of long-term insurance?
Long-term insurance policies include policies like funeral cover, life insurance, disability cover and income protection. These policies are taken out for a much longer period, usually at least five years but often for as long as 20 or 30 years, or more.
What is the common type of long-term care?
The most common type of long-term care is personal care—help with everyday activities, also called "activities of daily living." These activities include bathing, dressing, grooming, using the toilet, eating, and moving around—for example, getting out of bed and into a chair.
Which types of benefits are provided under most long-term care policies?
These policies must include at least 8 benefits: a nursing home benefit, an Residential Care Facilities/Residential Care Facilities for the Elderly benefit for assisted living and the 6 home care benefits: Home Health Care, Adult Day Care, Personal Care, Homemaker Services, Hospice Service, and Respite Care.
What may be excluded from a long-term care policy?
Some of the more common exclusions in policies covering long term care services are: Mental illness, however, the policy may NOT exclude or limit benefits for Alzheimer's Disease, senile dementia, or demonstrable organic brain disease. Intentionally self-inflicted injuries. Alcoholism and drug addiction.
What is not excluded in a long-term care policy?
A long-term care policy can exclude coverage for certain mental and nervous disorders, but the policy must cover serious biologically based mental illnesses, brain diseases, and age-related disorders such as schizophrenia and major depressive disorders and Alzheimer's disease.
Which type of insurance is meant to provide long term coverage and care if the insured is unable to work due to illness or?
Long-term disability insurance (LTD) helps ensure employees continue to get a portion of their income when they're absent from work for an extended period due to a covered disability. These absences may be a result of accidents, injuries or illnesses that happen on or off the job.