Multiple Choice
Identify the
choice that best completes the statement or answers the question.
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1.
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All of the following are ways to obtain cash from the insurer of a life
insurance policy EXCEPT:
a. | viatical settlements | b. | cash surrender | c. | accelerated benefits
provisions | d. | policy loans |
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2.
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Which of the following sources of cash requires repayment:
a. | home equity loan | b. | reverse mortgage | c. | life insurance
policy loan | d. | all of the above |
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3.
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Under the DRA, Medicaid imposes a look back period on asset transfers of
a. | 24 months | b. | 36 months | c. | 48
months | d. | 60 months |
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4.
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Medicaid’s estate recovery system applies to assets of all deceased
Medicaid beneficiaries who received
a. | home health care services | b. | nursing home services | c. | community based
care | d. | all of the above |
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5.
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Federal guidelines require state Medicaid programs to provide which of the
following to eligible applicants?
a. | home health care services | b. | nursing home care service | c. | community based care
services | d. | all of the above |
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6.
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Which of the following is a non-countable asset in Medicaid’s eligibility
requirements?
a. | family burial plot | b. | collectibles | c. | qualified retirement
plans | d. | life insurance |
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7.
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John is contemplating entering a nursing home. John contacts his insurance
agent and purchases an immediate fixed annuity. Under which circumstances would this purchase
of an annuity NOT be considered an asset transfer under Medicaid’s look-back rules?
a. | John names the state as a contingent beneficiary | b. | John names his wife
as beneficiary of the annuity | c. | The annuity payments are based on John’s
life expectancy | d. | all of the above would exempt the annuity from the asset transfer
rules |
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8.
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Medicare Part A covers nursing home care only if
a. | skilled care is provided | b. | the patient has been hospitalized for at least
3 days in the previous month | c. | the care is certified as medically
necessary by a physician | d. | all of the above are required for Medicare to
cover nursing home care |
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9.
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Asset transfers for less than fair market value (gifts, bargain sales, etc.)
will be subject to which of the following under Medicaid’s look back rules?
a. | disallowance of the transfer | b. | penalty period | c. | 10% penalty on the
difference between fair market value and transfer value | d. | all of the
above |
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10.
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A life settlement is closely related to:
a. | viatical settlements | b. | policy surrender | c. | policy
loans | d. | accelerated benefits |
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