Social Insurance

Under Part B of Medicare, what percentage of the costs does Medicare pay after the deductible?

80%. In 2012, a person covered under Medicare Part B will be responsible for a deductible and 20% coinsurance. Medicare pays the remaining 80% of covered services.

Original Medicare covers hospice care even if you're in a Medicare Advantage Plan.

True. This is a true statement. Original Medicare covers hospice care even if you're in a Medicare Advantage Plan.

Social Security defines total disability as the inability to perform any substantially gainful occupation for at least _______ months in order to receive monthly disability benefits.

12. Social Security defines total disability as the inability to engage in any substantially gainful occupation as the result of a medically determinable physical or mental condition which will last for at least 12 months or end in death.

Under the traditional Medicare plan, hospital insurance is found in which part?

A.

Hospital Insurance is found in Medicare Part:

A. Hospital Insurance is found in Medicare Part A.

Social Security is funded through a special payroll paid by employee and employers jointly. What does the self-employed business person pay?

An amount equal to the combined employee and employer contribution. Social Security is funded through a special payroll and self-employment tax paid by employees, employers, and the self-employed. Those who are self-employed are required to pay an amount equal to the combined employee and employer contribution.

All of the following statements concerning Medicare are correct except

Both hospital insurance and medical insurance are mandatory. Medical insurance, Part B, is optional coverage.

All of the following are qualifications for Medicare EXCEPT:

Being impoverished. INCLUDED EXCEPTIONS ARE ATTAINING AGE 65, HAVING RENAL IMPAIRMENT, RECEIVING SOCIAL SECURITY DISABILITY INCOME BENEFITS FOR MORE THAN 2 YEARS

Betty, who is age 67, recently started receiving her Social Security retirement benefits. What will the affect on her benefits be if she continues to work and earn $15,000 this year?

Betty's Social Security benefits will not be reduced. Before the law changed, anyone under age 70 who received Social Security retirement benefits and continued to work could earn only a certain amount of income each year without having their benefits reduced. Under current law, a person can continue working and receive Social Security benefits with no limit on earnings starting with the month the person reaches full retirement age. Because Betty has reached full retirement age, she can work without having her Social Security benefits reduced.

Which of the following statements concerning Social Security benefits is correct?

Both employees and employers are taxed to fund Social Security. Social Security provides benefits to individuals and their dependants in the event of death, disability, or retirement. Social Security can cover all members of an eligible worker's family, regardless whether any of the family members have paid into the system. Social Security is funded by a tax on a worker's pay, which is equally matched by the employer.

If B is eligible for full death, retirement and disability benefits under Social Security, his status is:

Fully Insured. A Fully Insured worker has met the required 40 quarters of coverage to receive full benefits. This also gives the person a permanent status for benefits.

Under the Social Security, all of the following are factors which will determine the amount a retiring person will receive monthly except the person's:

Gender. A person's gender is not a factor in the computation of Social Security benefit amounts.

What type of facility exists to serve the needs of the terminally ill?

Hospice Care pays for the cost of a facility which is designed to manage a terminal illness or accident.

Terminally ill patients are covered under

Hospice.

Part A is viewed as:

Hospital coverage. Part A is viewed as Hospital insurance. This is the part of Medicare that you have purchased over your working life.

Parts A and B exclusions and limitations include all of the following except:

Inpatient prescriptions. *Exclusions include outpatient prescriptions.

All of the following statements describes the Social Security program EXCEPT:

It provides the major source of income in order to live care free during retirement. IT DOES PROVIDE RETIREMENT AND SURVIVOR BENEFITS TO A WORKER AND HIS FAMILY, ADDS TO PERSONAL INSURANCE AND SAVINGS PLAN, PROVIDES BASIC FINANCIAL PROBLEMS ACCOMPANYING OLD AGE, DEATH AND DISABILITY.

Medicare was signed into law:

Lyndon B. Johnson in 1965.

A poverty-stricken 75 year old would use which of the following to cover Medicare deductibles and copayments?

Medicaid. A poverty-stricken 75 year old would use Medicaid to cover Medicare deductibles and copayments.

An alternative to Original Medicare that combines Parts A, B and D is called:

Medicare Advantage Plans (Part C) are another way to get your Medicare benefits. They combine Part A, Part B, and, sometimes, Part D (prescription drug) coverage

Medicare enrollees who want to offset the deductibles and copayments should purchase

Medicare Supplement policy.. Medicare Supplement policy.

A medical expense program for the indigent that is federally funded and administered by the states is called:

Meicaid. Medicaid is a Medical Expense assistance program for the needy.

Nursing home coverage is found in what part of Medicare?

Part A.

Benefits paid from Social Security are based upon a worker's:

Primary Insurance Amount (PIA). Social Security benefits are expressed as a percentage of the worker's primary insurance amount (PIA). PIA is calculated by using the average monthly earnings for the years the worker has paid into the system.

Social Security benefits are based upon a worker's:

Primary Insurance Amount (PIA). Social Security benefits are expressed as a percentage of the worker's primary insurance amount (PIA). PIA is calculated by using the average monthly earnings for the years the worker has paid into the system.

Sam has worked for the past 20 years as a construction worker. Seven months ago he injured his back and has not been able to work since. Which of the following statements is correct?

Sam will be eligible for Social Security disability benefits if he unable to engage in any substantial gainful work and his disability is expected to last at least 12 months. To be eligible for Social Security disability benefits, Sam must be unable to engage in any substantial gainful work. In addition, the disability must be expected to last at least 12 months or to result in his earlier death. Benefits begin only after he has satisfied a waiting period of five consecutive months, during which he must be disabled. Benefits may be paid retroactively for as long as 12 months (excluding the waiting period) preceding the date an application for benefits is filed.

All of the following statements about Social Security retirement benefits are correct except:

fully insured workers are eligible for full retirement income benefits beginning at age 62. Fully insured workers are eligible for full retirement income benefits at their full retirement age. Permanently reduced benefits are available from age 62 for those who elect to retire early and draw benefits; slightly greater benefits are available for those who delay retirement beyond age 65. Because of longer life expectancies, the normal retirement age will gradually increase.

Part B is financed through:

monthly premiums paid for by the insured and general tax revenues of the Federal government. Part B is financed through monthly premiums paid for by the beneficiary and general tax revenues of the Federal government.