Test 2 - SS, Medicare, Risk Management Flashcards
What % of preretirement income does Social Security replace for the average worker?
40%
When should you apply for benefits? (Not what age)
Three months before you want them to start.
When can widows and widowers begin getting Social Security Benefits? What about if they are disabled?
60
50 if disabled
If a person is receiving Social Security benefits, what other members of their family can also get benefits? 5
- Spouses age 62 or older
- Spouses younger than 62, if they are taking care of a child entitled on your record who is younger than age 16 or disabled
- Former spouses, if they are age 62 or older
- Children up to age 18, or up to 19 if full-time students and have not graduated from high school (only if unmarried), and
- Disabled children, even if they are age 18 or older.
To qualify for children’s benefits, what must be true of the child? 4
- Unmarried
- Younger than age 18
- 18-19 years old and a full-time student (no higher than grade 12), or
- 18 or older and disabled before age 22
What does Medicare Part A pay for?
It helps pay for inpatient hospital care and certain follow-up services
What does Medicare Part B pay for?
Helps pay for doctors’ services, outpatient hospital care and other medical services.
What does Medicare Part C pay for?
Medicare Advantage plans (Part C) are available in many areas. People with Medicare Parts A and B can choose to receive all of their health care services through a provider organization under Part C.
What does Medicare Part D pay for?
This part is prescription drug coverage that helps pay the costs of prescription drugs.
What is Medicare?
Medicare is our country’s health insurance program
for people age 65 or older. People younger than age 65
with certain disabilities or permanent kidney failure
also can qualify for Medicare. The program helps with
the cost of health care, but it does not cover all medical
expenses or the cost of most long-term care. You may buy a Medicare supplement policy (called Medigap) from a private insurance company to cover some of the costs that Medicare does not.
Medicare is financed by a portion of the payroll taxes
paid by workers and their employers. It also is financed in
part by monthly premiums, usually deducted from Social
Security checks.
The Centers for Medicare & Medicaid Services is the
agency in charge of the Medicare program. But you apply
for Medicare at Social Security, and we can give you
general information about the Medicare program.
What makes a 65 year old eligible for Medicare?
- You receive or are eligible to receive SS benefits,
- You receive or are eligible to receive railroad retirement benefits, or
- Your spouse receives or is eligible to receive SS or railroad retirement benefits,
- You or your spouse (living or deceased, including divorced spouses) worked long enough in a government job where Medicare taxes were paid, or
- You are the dependent part of a fully insured deceased child.
What makes a person younger than age 65 eligible for free Medicare hospital insurance?
If:
• You have been entitled to Social Security disability
benefits for 24 months; or
• You receive a disability pension from the railroad
retirement board and meet certain conditions; or
• You receive Social Security disability benefits because
you have Lou Gehrig’s disease (amyotrophic lateral
sclerosis); or
• You worked long enough in a government job where
Medicare taxes were paid and you have been entitled to
Social Security disability benefits for 24 months; or
• You are the child or widow(er) age 50 or older, including
a divorced widow(er), of someone who has worked long
enough in a government job where Medicare taxes
were paid and you meet the requirements of the Social
Security disability program; or
• You have been entitled to Social Security disability
benefits for 24 months; or
• You receive a disability pension from the railroad
retirement board and meet certain conditions; or
• You receive Social Security disability benefits because
you have Lou Gehrig’s disease (amyotrophic lateral
sclerosis); or
• You worked long enough in a government job where
Medicare taxes were paid and you have been entitled to
Social Security disability benefits for 24 months; or
• You are the child or widow(er) age 50 or older, including
a divorced widow(er), of someone who has worked long
enough in a government job where Medicare taxes
were paid and you meet the requirements of the Social
Security disability program; or
When is the Annual Coordinated Election Period?
October 15 - December 7
When is the initial enrollment period for Medicare? What happens if you delay signing up?
The three months before you turn age 65, the month you turn 65, and the three months after. This seven month period is your initial enrollment period
Any delay will cause a delay in coverage and result in higher premiums.
If a person does not sign up for Medicare Part B during their initial enrollment period, when else are you given the chance to sign up?
During a General Enrollment Period from January 1 through March 31.
