International Baccalaureate (IB) Practice Exam

Which statement about long-term care insurance is false?

1. At least 69% of people over the age of 65 will require long-term care at some point

2. A good long-term policy will include in-home care

3. You should not buy long-term care insurance until 30

4. Long-term care insurance is not the same as disability or short-term medical care

The correct answer is: You should not buy long-term care insurance until 30

The statement regarding when to purchase long-term care insurance is inaccurately framed to suggest that waiting until the age of 30 is a sound recommendation. In reality, the suitability of purchasing long-term care insurance often depends on individual health status, financial situation, and the specific needs of the person. Many experts recommend considering long-term care insurance earlier, often in one's 50s or 60s, to secure better rates and coverage options. Waiting until after a certain age, such as 30, might make it more difficult to qualify for coverage or result in higher premiums as the individual ages. It's widely recognized that health issues can arise unexpectedly, making it prudent to consider this type of insurance earlier rather than later to ensure both affordability and availability of policy options. The other statements reflect accurate information regarding long-term care insurance. For instance, the majority of individuals over 65 will indeed require some form of long-term care, and good policies typically cover in-home care. Additionally, it is important to recognize that long-term care insurance serves a different purpose than disability insurance or short-term medical care, highlighting the unique nature of various insurance products.