Answers for Long-Term Care Quiz
1. True. Women account for about 75 percent of the 65-and-older nursing home population in the United States. In fact, the American Health Care Association describes the "typical" nursing home patients as being a "white female Medicaid beneficiary aged 75 years or older." Source: State Testimony, March 27, 2001. Facts and Trends: The Nursing Facility Sourcebook 2001, American Health Association.
2. False. People aged 65 and older represent the majority of nursing home patients. But younger individuals also suffer disabilities related to illness or injury that require long-term care. In fact, people between the ages of 18 and 65 occupy about 40 percent of all nursing beds. Source: Journal of Financial Planning, September 1, 2001.
3. True. But it is not a gender equity issue; it's a matter of life expectancy. The average life expectancy for women is seven years more than that for men. Furthermore, married women outlive their husbands by an average of 17 years. Both factors combined increase the likelihood that women will need to finance longer periods of care. The anticipated total average cost for men needing long-term care in about $57,000 compared to $125,000 for women. Source: Journal of Financial Planning, September 1, 2001.
4. False. At 70 percent, women bear most of the load when it comes to unpaid family caregiving. What's more, the number of households providing support to older family members has grown 300 percent in the last 10 years. Source: Senate Testimony, March 27, 2001; Consumer Reports Online, October 2, 2001.
5. True. But it's a risk that grows as an individuals ages. For people over the age of 25, the lifetime risk of needing long-term care is 1 in 4. Beyond age 50, the risk jumps to 1 in 2. Source: Facts and Trends: The Nursing Facility Sourcebook 2001, American Health Association; Journal of Financial Planning, September 1, 2001.
6. False. Only 20 percent of the elderly individuals who need help with activities of daily living require institutional care. The remaining 80 percent receive care in a community or home setting. Source: Source: Senate Testimony, March 27, 2001.
7. True. Furthermore, the impact of boomers' failure to include long-term health care in their plans could result in tax increases of historical proportions if the government has to absorb the cost of their care. Source: Life & Health Insurance Sales, September 1, 2001.
8. True. The current average yearly cost for nursing home care is $55,000. Source: Senate Testimony, March 27, 2001.
9. False. Medicare, which primarily covers care for people age 65 or older, pays about 9 percent of the nation's nursing facility costs, and only under strict circumstances. True, Medicaid will pay for long-term care, but only after an individual has "spent down" her assets to the point of poverty. Source: "What Consumers Need to Know About Long-Term Care Insurance," National Center of Assisted Living, 2001; Source: Senate Testimony, March 27, 2001.
10. True. A person who is 45 today would have to save and invest more than $3,500 a year for 40 years to afford nursing nursing home care at age 85. But that same person can meet those needs by buying long-term care insurance for hundreds of dollars a year. And as with other health insurance, long-term care premiums are cheaper when you are younger. Source: ACLI press release, March 2, 2001.
Source: All of this information came from CNA's Bulletin, November 7, 2001. Which is only approved in certain states; including AK, CO, DC, IA, ME, MA, MS, MO, NV, NH, NJ, NY, OR, PA, RI, SC, TN, WA, WI, WY.