Exam 4 Content Flashcards
How long do hard inquiries stay on report for reporting purposes?
2 years
How long do hard inquiries affect credit score?
1 years
3 major credit reporting unions
Experian, Equifax, Transunion
What does Fair Credit Reporting Act of 1971 say?
U.S. citizens receive free access to their credit reports and scores
What Credit Card Responsibility and Disclosure Act of 2009 says
Credit cardholders have a bill of rights including the prohibition of rate hiking
What AIME is
Average Indexed Monthly Earnings
What age does a person have to be to get Medicare
65
How Medicare covers skilled nursing home care
First 20 days covered and the next 80 days with a deductible
At what age do early retirement benefits start
62
How AIME is determined
Converting actual earnings into current dollars through an indexing factor.
If a worker applies for retirement or survivors’ benefits before his or her 65th birthday is there a need to file a separate application for Medicare?
No
What is the benefit restriction for earned income?
$1 for every $2 over the annual limit
How long do Divorced spouses have to be married to their ex to claim their benefits?
10 years
What part of Medicare is covered by Social Security without separate premiums
Part A
When Medigap coverage is available to cover costs not paid for by Medicare
Under strict federal guidelines
Does Part B fully cover doctor visits
No
Does Part A require a deductible for hospital stays
Yes
0%, 50% and 85% tax thresholds for singles
<25000,25000-34000,>34000
0%, 50% and 85% tax threshold for MFJ
<32000,32000-44000,>44000
What is benefit reduction for early retirement
5/9ths of 1% for the first 36 months
Who SSI benefits are paid by
Treasury
Currently Insured Worker
A worker who has earned at least six quarters of coverage out of the previous 13 quarters for Social Security
Medicaid
Provides medical assistance for those with low incomes and resources
Percentage of earnings up to $137000 that are taxable toward OASDI
5.3%
