Chapter 3: LTCI

Question 1

What are the two forms of benefits?

Answer 1

Indemnity or Cash payment

Question 2

What are the two main types of LTCI

Answer 2

1. Pre-funded (younger people pay while still in employment)
2. Immediate needs (purchased by retired or disable)

Question 3

What needs are met by LTCI?

Answer 3

1. Help people gain as much independence as possible
2. Slow down rate of deterioration
3. Provide necessary care support and environment to maintain wellbeing
4. People who wont have anyone when older, or people with illiquid assets that cant pay for care?