Keep this quiz handy during the event!
1. What is a power of attorney?
2. When does a power of attorney become effective?
3. How can you make medical or financial decisions for someone who is unable to make decisions if you do not have a power of attorney?
4. Why is a power of attorney one of the most important considerations in estate planning?
5. How does a will control the disposition of your IRA funds?
6. What is the average monthly cost of a nursing home in the Philadelphia Metropolitan Area?
7. What is Medicaid and how does it differ from Medicare?
8. What nursing home care will Medicare pay for? (If you get admitted at all)
9. Why is this significant for the average older adult?
10. How do you qualify for Medicaid services in a nursing home?
11. Can you get help to pay for the cost of assisted living services?
12. How much money can you give away in a year and not affect your payment by Medicaid for long term care services?
13. If you make a gift of money or property to a child, friend or charity and need nursing home care later, how long will that gift affect your eligibility for Medicaid benefits?
14. If your spouse goes into a nursing home, how much will you be able to save to live on?