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Cooperative Extension Service |
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Agricultural
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4-H Programs
Life Skills
Evaluation
Dale Bumpers College
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Financing Long-Term Care
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| Circle true/false for each statement. | True | False | |
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| 1. | Most people who need long-term care need skilled nursing care in a nursing home. | T | F |
| 2. | Individuals 85 and older are at greatest risk of needing help with activities of daily living and long-term care. | T | F |
| 3. | Women face a greater likelihood than men of needing long-term care. | T | F |
| 4. | Receiving paid care in one’s home is almost always less expensive than nursing home care. | T | F |
| 5. | On average, a one-year stay in a nursing home today costs about $60,000. | T | F |
| 6. | Family members often have different expectations as to whether family or government resources should pay for long-term care. | T | F |
| 7. | Medicare pays for most older persons’ long-term care. | T | F |
| 8. | Most individuals with existing health insurance policies/plans will have coverage for long-term care. | T | F |
| 9. | Long-term care insurance should be purchased by most individuals to protect against the costs of long-term care. | T | F |
| 10. | Long-term care insurance policies will typically protect an individual against all potential long-term care costs. | T | F |
| 11. | The cost of a long-term care insurance premium purchased at age 50 would be the same as one first purchased at age 65. | T | F |
| 12. | Most long-term care costs today are paid for by the resources of individuals and families, not government sources. | T | F |
| 13. | If a person needs long-term care and doesn’t have enough income or assets to pay, Medicaid is a government program that can help. | T | F |
| 14. | Husbands and wives must both live in poverty for one to receive Medicaid coverage for long-term care. | T | F |
| 15. | If a person is on Medical Assistance and has a spouse still living at home, the government cannot take or sell their home. | T | F |
| 16. | Individuals can legally give away assets at any time to make themselves poor and qualify for Medicaid, a government program which will pay for long-term care. | T | F |
| 17. | An individual’s current and expected monthly income and assets should influence the long-term care financing alternatives selected. | T | F |
Developed by Marlene S. Stum, Ph.D., Financial Security in Later Life National Initiative Development Team Member from Family Social Science, University of Minnesota. 2002.
Recommended by Judith R. Urich, Ph.D., CFP, Family Resource Management Specialist at the University of Arkansas Cooperative Extension Service. 2003.
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© 2006 |
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University of Arkansas • Division of Agriculture |
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