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Quiz: The Facts About Long-Term Care

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Long-term care is only for old people.

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Long-term care is only for old people.

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Explanation: Your odds of needing long-term care go up as you get older, but you could also need it if you become ill or disabled earlier in life. People who've had strokes or who have Alzheimer's disease require medical care or help with basic tasks like bathing and dressing. You can get long-term care in your home from relatives, friends, or a paid caregiver, or in a nursing home or other facility.

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Long-term care insurance mostly covers:

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Long-term care insurance mostly covers:

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Explanation: Most people who have long-term care need help with daily personal care, such as bathing, eating, getting dressed, and using the bathroom. Caretakers also can help with finances, shopping, and housecleaning. You can buy insurance that covers care in nursing homes, assisted living facilities or at home.

What percentage of seniors are likely to need long-term care?

What percentage of seniors are likely to need long-term care?

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Explanation: About 70% of people age 65 and older will need some kind of long-term care during their lives. More than 40% of seniors will need care in a nursing home. The best time to think about long-term care is before you need it.

Where do most people get long-term care?

Where do most people get long-term care?

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Explanation: You think of nursing homes and assisted living facilities when you think of long-term care. But most people receive care in their own homes, and about 80% of at-home care is given by relatives or other unpaid caregivers.

Most caregivers help about 20 hours a week. Most perform a lot of personal care such as helping someone with bathing or feeding.

Who needs long-term care more often?

Who needs long-term care more often?

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Explanation: Women outlive men by an average of 5 years and are more likely to need long-term care. They are also more likely to live alone at the end of their lives.

If women don't have relatives who can help care for them, their odds of being in a nursing home or assisted living facility go up.

Medicare pays for most long-term care services.

Medicare pays for most long-term care services.

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Explanation: Medicare pays only for hospital stays, doctor visits, and medications. It doesn't pay for personal care like help with bathing, dressing, and using the restroom, or for someone to help you get around. Medicare will pay for a short stay in a nursing facility, hospice care, or for home care for a limited time if you meet certain conditions.

Most insurance companies follow the same general rules as Medicare and pay for nursing care for only a short period.

You can buy insurance to cover long-term care.

You can buy insurance to cover long-term care.

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Explanation: Buying insurance now is one way to help pay for care you might need. How much you'll pay depends on how old you are when you buy it, your health, and how much coverage you want. Some companies offer combined life/long-term care insurance policies. You could also use savings or equity in your home to pay for long-term care.

When should you buy long-term care insurance?

When should you buy long-term care insurance?

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Explanation: When it comes to long-term care insurance, how much you'll pay – and if you can get it – depends on your health. If you're healthy, you can get a discount. You'll have better luck getting the discount in your 50s than if you wait.

Nursing home care can cost more than an average salary.

Nursing home care can cost more than an average salary.

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Explanation: The average cost for a private room in a nursing home in 2010 was $83,580. The average salary in May 2010 was slightly more than $44,000. Start preparing for long-term care now to protect your finances.

Which legal document protects you if you can't make choices for yourself?

Which legal document protects you if you can't make choices for yourself?

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Explanation: A lawyer can help you with a living will (also called an advance health care directive), which outlines the care you want if you can't make decisions for yourself. A lawyer also can draft a document called medical power of attorney. For that, you'll pick someone – a relative, a friend – to make decisions on your behalf if you can't do it.

These documents can be especially important if you have Alzheimer's disease or another form of dementia. Because these illnesses rob you of your ability to understand finances and other complex ideas, you need to identify someone you trust to make important decisions about your life and your care.

Long-term care insurance usually pays out in one lump sum.

Long-term care insurance usually pays out in one lump sum.

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Explanation: Long-term care insurance policies usually give you a fixed daily amount -- $100 to $200 a day -- toward care. Most policies pay for care in your home, in nursing homes, or in assisted living facilities. To get benefits, you must need help with two "activities of daily living," such as bathing or dressing, or have problems with your thinking or memory.

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Your Score:     You correctly answered   out of   questions.
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