Retirement: 1-8 Medicare Flashcards
Retirement: 1-8 Medicare
Ursula Van Gordon worked for the same retail store for 20 years prior to her retirement this year at age 64. Is she eligible for Medicare benefits this year?
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No—she must be 65
Retirement: 1-8 Medicare
Zeke Adams died at age 58, shortly after his retirement. He had worked for 30 years at a publicly owned corporation. His wife is his only survivor, and she has never been employed outside the home.
(1) If Mrs. Adams is also age 58, is she eligible for Medicare benefits this year?
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No—she must be 65.
Retirement: 1-8 Medicare
Zeke Adams died at age 58, shortly after his retirement. He had worked for 30 years at a publicly owned corporation. His wife is his only survivor, and she has never been employed outside the home.
(2) If Mrs. Adams is age 65, is she eligible for Medicare benefits this year?
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Yes—she is age 65 and the widow of a covered worker.
Retirement: 1-8 Medicare
For the past 35 years, Elizabeth Fielding has worked with her husband,
Ed, in his sole proprietorship. This year, at age 68, she retired. Is Elizabeth eligible for Medicare benefits this year?
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Yes—she must be 65, and she is.
Retirement: 1-8 Medicare
Ed Fielding has worked in his own business for the past 35 years. He is still working full time. Ed is now age 69. Is Ed eligible for Medicare benefits this year?
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Yes—he must be 65, and he is.
Retirement: 1-8 Medicare
Frank Glendale, age 42, worked for almost 15 years in his first and only job, working for Widget Manufacturing Company. This year, in his 15th year with Widget, he was totally and permanently disabled. Is Frank eligible for Medicare benefits during his period of disability?
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Assuming he is fully insured, he will be eligible after being totally disabled for two years.
Retirement: 1-8 Medicare
Module Check Summary
- Which of the following statements is correct for Max, who is fully insured?
a. Max will automatically be entitled to Medicare benefits when he starts receiving Social Security retirement benefits.
b. There is no charge for Medicare Part A for Max.
c. There is no charge for either Medicare Parts A or B for Max
d. Medicare provides long-term care coverage for Max.
(LO 1-8)
b. There is no charge for Medicare Part A for Max.
There is no premium charged for Medicare Part A, there is a monthly premium charged for Part B.
Max is not entitled to Medicare until he reaches age 65; however, he can start receiving Social Security retirement benefits when he reaches age 62. There is no premium charged for Medicare Part A; however, there is a monthly premium charged for Part B. Medicare does not provide long-term care coverage, it provides health care coverage.
Retirement: 1-8 Medicare
Module Check Summary
- Your client is 63 and considering filing for Social Security benefits, but wants clarification on when she will be eligible for Medicare. Which of the following statements would be a correct answer to her question?
a. The Affordable Care Act provided that an individual will become eligible for Medicare Part A at no cost six months after starting Social Security benefits; such individuals are automatically enrolled in both Part A and Part B when they become eligible for Part A.
b. An individual who began receiving Social Security benefits before age 65 will become eligible for Medicare Part A at age 65 at no cost; such individuals are automatically enrolled in both Part A and Part B when they become eligible for Part A.
c. An individual who began receiving benefits before age 65 will become eligible for Medicare Part A at age 65 at no cost, but must apply for Medicare A within 45 days of attaining age 65; upon applying for Part A, such individuals will have the option to apply for Parts B and D.
(LO 1-8)
b. An individual who began receiving Social Security benefits before age 65 will become eligible for Medicare Part A at age 65 at no cost; such individuals are automatically enrolled in both Part A and Part B when they become eligible for Part A.
If an individual is receiving Social Security retirement benefits prior to age 65, he or she does not need to make a separate application for Medicare Part A or B.
Retirement: 1-8 Medicare
Module Check
- Mary will be 65 in 4 months. Her husband, Vernon, is 47. Mary is fully insured under Social Security, but does not plan to begin Social Security benefits until she is 66. They have a number of questions about Medicare and other insurance plans. Which of the following statements would be appropriate to begin answering their questions?
a. Long-term care policies are not necessary since there is coverage under Medicare Part A.
b. Mary should soon begin her application for Medicare. Since she is fully insured under Social Security, and Vernon is her dependent, he will also qualify for Medicare coverage if she applied for both of them.
c. If Mary applies for traditional Medicare Parts A, and B, she should also consider a Medicare supplement, or Medigap, policy to meet gaps such as the Part A deductible, hospital copayments after 60 days, the Part B deductible, and the coinsurance under Part B.
(LO 1-8)
c. If Mary applies for traditional Medicare Parts A, and B, she should also consider a Medicare supplement, or Medigap, policy to meet gaps such as the Part A deductible, hospital copayments after 60 days, the Part B deductible, and the coinsurance under Part B.
Medicare supplement, or Medigap, plans should be considered to fill the gaps under traditional Medicare Parts A and B.
Medicare is a health insurance plan; it is not a long-term care plan. Medicare benefits are for skilled nursing care, not long-term care. Vernon will not be eligible for Medicare until he is 65, unless he qualifies for Social Security disability benefits for at least two years or he is diagnosed with End-Stage Renal Disease (ESRD) and he is getting dialysis treatments or had a kidney transplant.
Retirement: 1-8 Medicare
Module Check
- Betty has worked for the same retail store for 23 years. She is approaching age 62 and is considering retiring and starting her Social Security benefit, although her full retirement age is 66. Before she does so, however, she wants to know when she will qualify for Medicare. Which of the following statements would be correct?
a. She will qualify for Medicare as soon as she begins receiving Social Security benefits.
b. After she has been on Social Security for two years, she will qualify for Medicare.
c. She will not qualify for Medicare until she reaches age 65.
d. She will not qualify for Medicare until she reaches full retirement age.
(LO 1-8)
c. She will not qualify for Medicare until she reaches age 65.
All persons, age 65 or older, who are eligible for Social Security cash benefits, qualify for Medicare.
Retirement: 1-8 Medicare
Module Check
- Which of the following statements is correct about Medicare benefits?
a. Medicare Part B has an annual deductible of $166 in 2016, and 20% coinsurance amount after the deductible is satisfied.
b. The annual deductible under Medicare Part B can be adjusted to change the premium.
c. Medicare Part B has a stop-loss of $1,000.
(LO 1-8)
a. Medicare Part B has an annual deductible of $166 in 2016, and 20% coinsurance amount after the deductible is satisfied.
The deductible for Part B in 2016 is $166, and then coinsurance is 20%.
Retirement: 1-8 Medicare
Module Check
- Which of the following statements is correct regarding Medicare Part A?
a. Medicare Part A has an annual deductible in 2016 of $1,288.
b. Current 5.7% tax paid by employers, employees, and self-employed persons funds Medicare Part A.
c. Medicare Part A has a deductible for each benefit period of $1,288 in 2016.
(LO 1-8)
c. Medicare Part A has a deductible for each benefit period of $1,288 in 2016.
Current 2.9% tax paid by employers, employees, and self-employed persons funds Medicare Part A.
Retirement: 1-8 Medicare
Module Check
- Ralph, age 42, worked for almost 15 years in his first and only job, Widget Manufacturing Company. This year, in his 15th year with Widget, he was totally and permanently disabled. Is Frank eligible for Medicare benefits during his period of disability?
a. Assuming that Ralph is fully insured, he will be eligible for Medicare after qualifying for Social Security disability benefits.
b. Assuming that Ralph is fully insured, he will be eligible for Medicare after qualifying for Social Security disability benefits for six months.
c. Assuming that Ralph is fully insured, he will be eligible for Medicare after qualifying for Social Security disability benefits for two years.
d. Ralph will not qualify for Medicare until he attains age 65, but he may qualify for Medicaid after qualifying for Social Security disability benefits for two years.
(LO 1-8)
c. Assuming that Ralph is fully insured, he will be eligible for Medicare after qualifying for Social Security disability benefits for two years.
Retirement: 1-8 Medicare
What is Part A of Medicare?
a. Medicare Advantage plans
b. Physician and outpatient hospital care
c. Outpatient prescription drug plan (effective January 2006)
d. Hospital and skilled nursing care
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d. Hospital and skilled nursing care
Retirement: 1-8 Medicare
What is Part B of Medicare?
a. Medicare Advantage plans
b. Physician and outpatient hospital care
c. Outpatient prescription drug plan (effective January 2006)
d. Hospital and skilled nursing care
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b. Physician and outpatient hospital care
