Medicare Supplements

The individual most likely to buy a Medicare Supplement policy would be a(n):

68-year old male covered by Medicare

Widowed M purchases a Medicare supplement policy. Three weeks later, when her son, R, learns of the purchase, he wants to cancel the policy because M has dementia and she forgot that she already had a supplement. Which of the following will be R's best course of action?

Cancel the policy, because it's still in the free look period

All of the following statements about Medicare supplement policies are false except:

Each standardized Medicare supplement policy must cover the basic benefits.

Which of the following is a Medicare supplement core benefit?

Blood deductible

Under federal law, eligible persons who apply for a Medicare supplement policy

cannot be denied coverage based on health status

medical policies are sold by

Private insurance companies

Which of the following best describes the main purpose of Medigap policies

Provide extra coverage not offered in Medicare

J purchases a Medicare supplement insurance policy but decides not to keep it. How many days does she have to return it for the full refund of the premium she paid?

30

A Medicare supplement policy cannot define a pre existing condition more restrictively than a condition for which medical advice was given or treatment recommended by or received from a medical doctor within how many months before the effective date of coverage

6

What is the maximum period for pre-existing limitations or exclusions under Medicare supplement policies?

6 months

An agents commission for the sale of medicare supplement policy in the first year following its effective date cannot exceed what percentage of the commission paid for servicing the policy in the second year?

200

A contract designed primarily to augment reimbursement under Medicare for hospital, medical, or surgical expenses is:

A Medicare supplement plan

Ingrid has a Medicare Part C policy. Which statement correctly identifies the agents duties with respect to transacting Medicare supplement policies to Ingrid?

An agent may sell Ingrid a Medigap policy if she is switching to original Medicare

G's Medicare SELECT plan offers the same benefits as the coverage provided u see a standard plan. So why are G's Medicare SELECT plan premiums lower than those for a standard Medicare supplement policy?

G must obtain covered services through the plans network. For this reason, his Medicare SELECT plan's premiums are lower than those for standard Medicare supplement policies.

H's Medicare supplement policy states that the company can cancel or decline renewal only if he fails to pay premiums or made a material misrepresentation in the application. Which type of renewability provision does his policy have?

Guaranteed renewable

Which of the following will be covered by a Medicare supplement policy?

Hospice care

All of the following are Medicare supplement additional benefits, EXCEPT:

Medicare Part B 20% coinsurance

Which of the following is a Medicare supplement additional benefit?

Medicare Part B deductible

JBO Insurers offers Medicare supplement policy benefits through a network of doctors, hospitals, and health-care service providers. Each insured must use the providers within its network to be eligible for full benefits. Which type of Medicare supplement plan has JBO created?

Medicare SELECT

Which policy fills in the gaps of Medicare?

Medicare Supplement policy

What is a Medicare supplement plan of an insurance company that offers the policy's benefits through a network of doctors, hospitals, and health-care service providers called?

Medicare select plan

What is another name for medicare supplement policies

Medigap

Medicare supplement plans are provided by private insurance companies, but federal law ensures that people who meet minimum requirements can qualify for coverage. What are those requirements?

People must be at least 65 years old, regardless of their health condition, and must apply for a Medicare supplement policy within six months of enrolling in Medicare Part B.

During Medicares open enrollment period, an insurance company selling Medigap policies

Must sell medigap policies to individuals who are eligible to enroll I. medicare on a guaranteed issue basis

Which type of Medicare supplement policy provides that as long as the insured pays the premiums, the insurer cannot modify the premium, coverage, or any provisions of the policy?

Noncancelable

E purchased a medicare supplement policy five years ago from ABC Insurers and now suffers from dementia which action can ABC insurers take, given the decline in E's Health

Nothing, because the policy cannot be canceled

You are an agent in a state that allows the marketing of Medicare SELECT plans. This means that you, through your insurance company can do which of the following?

Offer the policy through a network of providers

Judith Jones discovers that the premium cost for her Medicare supplementary policy increased in the month of March. She does not recall receiving a notice of this increase. Which of the following courses should Ms. Jones take?

She should consult current Medicare regulations to determine if program coverages, including deductible and co-payment percentages, have increased. Such changes can increase costs of supplement policies.

Which of the following statements is false regarding medigap policies

Sold by the government

According to the National Association of Insurance Commissioners' standardized model Medicare supplement policy, insurers must offer coverage for all of the following core benefits, EXCEPT:

The Medicare Part A deductible

All of the following are Medicare supplement policy core benefits, except:

The Medicare Part A deductible

Which of the following is true about the range of Medicare supplement plans?

The coverages provided in each individual plan is the same across insurers.

You have a Medicare select client who wants to choose her own doctor. The doctor is not part of the provider network. What can you tell her to expect?

The plan will not cover the services

All of the following statements about the purpose of Medicare supplement policies are correct, EXCEPT:

They were designed to make funds available to pay medical services providers

Parts A and B have gaps in their coverage, where Medicare subscribers must pay the costs. Which of the following was done to fill these gaps in standard Medicare coverage?

To fill the gaps in standard Medicare coverage, the insurance industry created Medicare supplement policies.