Medicare Supplement Plans 6

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

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

Medicare supplement policies were originally designed to address what need?

assistance with co-payments and deductibles

When must a producer deliver an outline of coverage for Medicare supplement policies?

at the time of application

Which of the following is covered by all Medicare supplement policies?

first three pints of blood

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

30

Premiums for Medicare Part B and Medicare supplement insurance are tax deductible if, when added to other medical expenses, they exceed how much of a person's adjusted gross income?

7.5 percent

What Medicare supplement plans provide for payments to limit a person's annual out-of-pocket medical costs related to coinsurance, copays, and deductibles?

K and L

Selene just turned 65 and is overwhelmed by the Medicare program. She knows that part of her coverage is provided at no charge and that she will pay for other parts. Which of the following coverages will she have to buy through a private insurer?

Medicare Advantage

____________ plans are obtained through private health insurance companies and offer expanded benefits. They provide all of the Part A� Hospital Insurance and Part B� Medical Expense coverage. Some may also provide the Part D� Prescription Drug coverage.

Medicare Advantage

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

Mason wants to purchase a Medicare supplement policy that includes prescription drug coverage. As his advisor, you inform him that:

Medicare supplement plans can no longer contain prescription drug coverage.

What is another name for medicare supplement policies?

Medigap policies

Medicare supplement plans are provided by private insurance companies, but federal law ensures that people who meet the 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.

Plans ____ and ___ provide a lesser level of benefits, but their premiums are much lower than those associated with the other plans. Plans ___ and ____ may also offer high deductible options, which would further lessen the premium payments.

Plan K or L

Medicare supplement Plan A provides the co-payment for hospitalization from day 61 through day 90. Which of the other Medicare supplement plans also provide this coverage?

Plans A through N

Which of the following statements about Medicare supplement Plans K and L is correct?

Plans K and L can offer high-deductible options, which further decrease premium payments.

For Medicare Supplement plans K and L, which of the following statements is true?

Plans K and L pay 100 percent of Medicare coinsurance, co-pays, and deductibles after the insured's annual out-of-pocket limit is reached.

statement about the standard Medicare supplement plans

Plans contain the basic core benefits available under Plan A plus additional benefits.

Any sale of a Medicare supplement policy or certificate that will provide an individual with more than one Medicare supplement policy is ?

Prohibited

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.

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.

The sale of a Medicare supplement policy that results in the insured having coverage already provided under Medicare is

prohibited in all cases.

Gracie owns a Medicare Advantage policy and requires emergency care while visiting her daughter, but there are no network providers nearby. What should Gracie do?

see a nonnetwork provider

Medicare Parts A and B have gaps in their coverage, where Medicare subscribers must pay the costs. What do these gaps include?

the Part A deductible and daily co-payments for hospitalization and nursing home care, and the Part B deductible and its required 20 percent coinsurance or co-payments

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?

the insurance industry created Medicare supplement policies.