Insurance

Question 1

Inland Marine Coverage

Answer 1

Coverage included in a homeowners policy

Question 2

Split Limits

Answer 2

Bodily Damage Per Person / Bodily Damage Per Occurrence / Property Damage Per Occurrence

Question 3

OASDI Tax

Answer 3

6.2% (both ER and EE) up to wage base
($160,200 in 2023)

Question 4

Medicare Tax

Answer 4

1.45% (both EE and ER) on unlimited amount of wages

Question 5

Additional Medicare Tax

Answer 5

0.9% on EE income in excess of $200k ($250k MFJ)

Question 6

Social Security Reduction of Benefits

Answer 6

5/9 per month for first 3 years worker retires early
5/12 for each month beyond 3 years
(Full retirement age 67; 62 earliest collection)

Question 7

Social Security Hurdles

Answer 7

Question 8

Medicare Part A

Answer 8

Hospital Coverage

Question 9

Medicare Part B

Answer 9

Covers doctor visits, lab tests, durable medical equipment; preventative care

Does NOT cover: dental, cosmetic surgery, hearing aids, eye exams, routine physical exams

Question 10

Medicare Part C

Answer 10

Medicare Advantage (private plans)
Premiums vary; provide additional coverage; eliminate need for medigap coverage

Question 11

Medicare Part D

Answer 11

Drug coverage 💊