The Health Care Surprise Nobody Wants

Learn Your Quality of Health Care Options

The quiz covers various aspects of healthcare cost planning, including long-term care expenses, insurance terminology, and payment options. It aims to help individuals assess their knowledge and identify areas where they may need to learn more about planning for future healthcare costs.

Answers:

The Healthcare Cost Planning Quiz

1. True - Healthcare costs typically rise faster than the rate of inflation.  

2. $9,700 - What was the median monthly cost of a private room in a nursing home in 2024?

3. Long-Term Care - Which of the following is NOT typically covered by traditional Medicare?

4. 49% - What percentage of men reaching age 65 today are likely to need significant long-term care during their remaining years?

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

6. All the Above – (Savings; Long-term care; Government programs like Medicaid) Which of the following is a way to pay for long-term care? 

7. $120,000 - What is the average cost of long-term care for those who need it, according to the Department of Health and Human Services?

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

9. Power of Attorney - Which document ensures that medical and financial decisions align with personal preferences if an individual is unable to make decisions independently? *This may differ from state to state.  Check your local regulations.

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

To find out the quality of care provided by different health insurance plans, you can use several resources and tools:

• HealthCare.gov Quality Ratings: The Health Insurance Marketplace offers quality ratings for health plans on a 5-star scale, with 5 stars representing the highest quality. These ratings are based on:

1. Member experience
2. Medical care quality
3. Plan administration

• Medicare Plan Finder: For Medicare beneficiaries, the Medicare Plan Finder website provides star ratings for Medicare Advantage and prescription drug plans. These ratings indicate how well plans perform in various categories, including overall quality of care. 

• State-specific Resources: Some states offer their own quality reporting systems. For example, Maryland has a Health Plan Guide that includes consumer ratings, clinical ratings, and overall performance ratings for health plans in the state.

• NCQA Health Plan Report Card: The National Committee for Quality Assurance (NCQA) offers an interactive tool that compares the performance of NCQA-accredited health plans across the United States.  It provides overall ratings and detailed ratings for different types of plans.

• CMS Quality Rating System: The Centers for Medicare & Medicaid Services (CMS) has established a Quality Rating System for Exchange health plans. This system provides an overall rating on a 5-star scale, as well as ratings for Member Experience, Medical Care, and Plan Administration.

When using these resources, keep in mind that quality ratings are typically based on data from the previous year and may not be available for new plans or those with low enrollment. Additionally, it’s important to consider that plan categories (like Bronze, Silver, and Gold) on HealthCare.gov have nothing to do with the quality of care.

By utilizing these tools and resources, you can make a more informed decision about the quality of care offered by different health insurance plans.

This article does a great job of explaining long-term care: 
The Costs and Benefits of Long-Term Care Insurance 

Many of my clients have found this article informative: 
Healthcare Is the Biggest Social Issue of the 21^st Century 

If this topic has you thinking about your overall retirement plans, reach out and let’s make sure you have the information and resources you need to make healthy decisions.