The Health Care Surprise Nobody Wants

Take This Quiz

Rob Murray was a savvy businessman in the gourmet food industry who was looking forward to retirement. He prided himself on staying knowledgeable about investments, retirement planning, and health insurance needs, but he overlooked a single detail when choosing his Medicare Advantage Plan. 

Before moving to a state on the other side of the country, he did not contact his insurance company to understand the out-of-state coverage options available with his current plan. 

After he moved, he developed a serious health problem requiring an MRI before surgery could be scheduled; he found out that neither the MRI nor the surgery was available to him in his new location.

As people live longer, planning for healthcare expenses, including long-term care, is becoming a significant concern. 

Here’s a quiz to test your knowledge of planning for healthcare expenses:

Health Care Cost Planning Quiz

1. True or False: Healthcare costs typically rise faster than the rate of inflation.

2. What was the median monthly cost of a private room in a nursing home in 2024?

1. $5,000

2. $7,500

3. $9,700

4. $12,000

3. Which of the following is NOT typically covered by traditional Medicare?

1. Hospital stays

2. Doctor visits

3. Long-term care

4. Prescription drugs

4. What percentage of men reaching age 65 today are likely to need significant long-term care during their remaining years?

1. 25%

2. 49%

3. 64%

4. 75%

5. True or False: Long-term Care insurance policies have become less expensive in recent years?

6. Which of the following is a way to pay for long-term care?

1. Savings

2. Long-term care insurance

3. Government programs like Medicaid

4. All the above

7. What is the average cost of long-term care for those who need it, according to the Department of Health and Human Services?

1. $50,000

2. $85,000

3. $120,000

4. $200,000

8. True or False: Medicare Advantage plans from private insurers typically offer comprehensive coverage for long-term care services.

9. Which document ensures that medical and financial decisions align with personal preferences if an individual is unable to make decisions independently?

1. Will

2. Power of attorney

3. Birth certificate

4. Social Security card

10. What is the term for the amount you pay for certain covered health services before your insurance plan starts to pay?

1. Premium

2. Copayment

3. Deductible

4. Out-of-pocket maximum

As your retirement guide, I invite you to set up a conversation soon.  Together, we can better explore and personalize your retirement plan.  

*This discussion is based on general current understanding of the current social security laws and regulations. We recommend consulting an attorney or accountant to discuss your specific situation.

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