Insurance Flashcards
(11 cards)
Qualify by: (2 OR)
bathing continence
eating on/off toilet
dressing transferring
and/or substantial cognitive impairment
Disability income insurance
provide monthly benefits to replace lost income
Any occupation
benefits are payable ONLY if disabled enough to be unable to engage in ANY occupation
*least favorable & less expensive
ex surgeon injures his finger will not receive a benefit from policy bc he could hold another job
own-Occupation
unable to perform their occupation
* most favorable and most expensive
ex: surgeon injures finger will receive yearly benefit bc he can not perform surgery. Could still earn income from another job
Modified own-occupaton
common hybrid approach
-own occupation for stated claim period then apples any occupation for balance of claim period
SS Disability
toughest definition of disability to qualify for , must be unable to perform any occupation, medical condition only last 12 months and result in death
Long Term Care Insurance (LTCi) features & benefits
Benefit Period
Elimination Period
Daily Benefit
Riders
Waiver of premium
Renewability
LTC Locations
Nursing Home/ Assisted Living
Adults Day Health Care
Home Health Aide/ Homemaker services
**Medicare will only pay for skilled nursing care for a limited time following hospitalization
LTC required features
payable only for LTC services
guaranteed renewable
doesn’t pay or reimburse expenses reimbursable for Medicare
no cash surrender value
dividend applied as reduction in future premium or benefits
limitations or exclusions prohibited
cant provide for skilled nursing care only or require hospitalization
must have 2 year incontestable clause for misrepresentation
LTC Benefits
benefits received tax free
qualified medical expenses for itemized deduction
can be paid from HSA
premiums pad by employers are tax free to employees
LTC Triggers
2 of 6 ADLs (dr certification required)
Substantial cognitive impairment
ADLs:
BED COT
bathing continence
eating on off toilet
dressing transferring
