PFI 3361 Exam 4 (Unit 7 PQ's & Quiz)

Which of the following Medicare components are not mandatory?

-Part B -Part C -Part D Answer: all of the above

Under which circumstance could people be eligible for Medicare?

-People 65 or older -People under 65 with certain disabilities -People of any age with End-Stage Renal Disease (ESRD) Answer: All of the above

In addition to being in a retirement program, Social Security also includes disability benefits if the disability is expected to last _____.

12 months or more

Your employer contributes how much of your salary to Social Security?

6.2%

According to the Social Security Administration, the probability of men reaching retirement age alive and not disabled is _______ %

64%

According to the Social Security Administration the probability of women becoming disabled or dying before retirement age is _____%.

About 31%

Social Security is especially important to who:

Agnes, a 90-year old woman

Choose the distinctive features of Social Security (choose all that apply):

Benefits are earned Benefits are portable Benefits are guaranteed Benefits are universal Benefits are protected against inflation

Kathy just retired from Lubbock-Cooper ISD after 35 years of being a teacher. Lubbock-Cooper ISD did not participate in Social Security. Gina will receive a good amount of Social Security because of all her years of public service.

False

Medicare is a healthcare for poor people over the age of 65, while Medicaid is for poor people under age 65.

False

Paul is planning to retire at 59, and he can receive social security benefits when he retires.

False

The IRS (Internal Revenue Service) figures the penalties if you miss Medicare deadlines

False

Tyrone is an accountant for a local accounting firm, her earns $55,000 a year in income. His wife, Kimberly, works part-time as an orthopedic surgeon and earns $175,000 a year in salary. Because their joint income exceeds $200,000, they will be required to pay an additional 0.9% in Medicare Taxes.

False

Which criteria of a good health insurance plan does Medicare meet?

Freedom of choice of doctors

Which of the following Medicare components is mandatory?

Part A

Which part of Medicare components DOES cover hospital bills?

Part A

Which part of Medicare components cover non-hospital bills (e.g. doctor visits)?

Part B

Which part of Medicare components DOES cover managed-care option?

Part C

Which part of Medicare components cover prescription drugs?

Part D

The FICA tax includes which of the following?

Social Security and Medicare Taxes

Under most circumstances, when should you first sign up for Medicare coverage?

Three months before your retire

A person who meets certain income requirements may receive Social security benefits tax free.

True

As a general rule (with some exceptions), in order to qualify for Social Security benefits a person needs to work in a job that pays into Social Security for 40 quarters (10 years).

True

At age full retirement age, workers get 100% of their PIA

True

Self-employed individuals pay 12.4% in Social Security taxes.

True

Social security benefits could be reduced.

True

The earliest age people can get retirement benefits is 62.

True

Under most circumstances, people should first sign up for Medicare coverage three months before they retire.

True

In addition to being in a retirement program, Social Security also includes disability benefits. Benefits are payable _____.

Until your normal retirement age

Social Security is really important to ________

Women (Older)