PSI Ohio Insurance Practice Exam

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Study for the Ohio Insurance Test. Prepare with flashcards and multiple choice questions, each question accompanied by hints and explanations. Excel in your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Why is long-term care insurance becoming increasingly important?

It is mandated by law
To cover medical expenses during travel
As life expectancy increases
To replace lost income during illness

The correct answer is: As life expectancy increases

Long-term care insurance is becoming increasingly important primarily because life expectancy is increasing. As people live longer, the likelihood of requiring assistance with daily activities due to chronic illnesses or disabilities also rises. This need for extended care can create significant financial strain on individuals and families, as traditional health insurance and Medicare do not cover the costs of long-term custodial care. With advancements in healthcare and a growing aging population, more individuals are recognizing the necessity of having a financial plan in place to address potential long-term care needs. This insurance ensures that individuals can receive the care they require without depleting their savings or burdening their families. By securing long-term care insurance, policyholders can maintain their quality of life and choose the type of care they desire when they need assistance.