NC Medicare supplement questions and answers 100% Verified Solutions

NC Medicare supplement questions and answers 100% Verified Solutions Medicare - CORRECT ANSWER-A federal program of health insurance for persons 65 years of age and older Medicare is run by - CORRECT ANSWER-Centers for Medicare and Medicaid services of the department of health and human services Medicare parts A & B are - CORRECT ANSWER-Referred to as original Medicare Medicare Part A(Inpatient) is funded - CORRECT ANSWER-By the hospital insurance portion of the FICA payroll tax collected from workers and employers. Also by the premiums paid by individuals who aren't automatically covered by medicare but wish to purchase it. This also pays for Medicare part A - CORRECT ANSWER-Taxes paid on Social Security benefits Medicare part B is funded - CORRECT ANSWER-Partially by general tax revenues and partially by premiums paid to the federal government by Medicare part B beneficiaries Part B beneficiary must - CORRECT ANSWER-Must pay a premium for coverage on like Part a Most part B beneficiaries pay - CORRECT ANSWER-The standard part B premium which may be adjusted each year for inflation What is the threshold Part B beneficiaries have to a seed for a higher premium? - CORRECT ANSWER-$85,000 for single people and $170,000 for married couples filing jointly Medicare Savings Program - CORRECT ANSWER-A state run programs some low income individuals may qualify for that assist with paying the cost of Medicare coverage Qualified Medicare beneficiary(QMB) program - CORRECT ANSWER-A program for those whose monthly income is no more than the federal poverty level plus $20. Helps pay the part B premium and may also help pay a beneficiary's part a premium , Deductibles, coinsurance, and copayments Specified low-income Medicare beneficiary (SLMB) - CORRECT ANSWER-To qualify, a persons Monthly be income is no more than 120% of the federal poverty level plus $20. This program only pays for the part B premium no other Medicare costs qualifying individual (QI) - CORRECT ANSWER-To qualify a persons monthly income is no more than 135% of the federal Poverty level Plus $20. This program helps pay for only the part B premium Medicare part C is referred to as - CORRECT ANSWER-Medicare advantage Medicare Advantage is - CORRECT ANSWER-A combination of part a and part B coverage plus additional benefits not covered by original Medicare such as hearing or vision care Medicare part D is funded - CORRECT ANSWER-Partially by general tax revenues and partially by premiums paid by part the beneficiaries... Like part B Medicare part B premiums are - CORRECT ANSWER-Pay to the provider of the part D plan rather than the federal government unlike part B To be eligible to enroll in Medicare individuals must be - CORRECT ANSWER-Age 65 or older, social security disability beneficiaries (Generally after two years) Are suffering from end-stage renal disease Enrollment in Medicare part a and B is automatic for - CORRECT ANSWER-People who are already receiving Social Security benefits For people covered by Social Security - CORRECT ANSWER-Part A is premium free but part B is not. Individuals automatically enroll in part B have the option to drop it if they don't want to pay the premium The late enrollment penalty for part B plans is - CORRECT ANSWER-And additional charge of 10% of the part B premium for every 12 months that has passed since their eligibility for Medicare. initial enrollment period (IEP) - CORRECT ANSWER-For Medicare is a seven month. That includes the month someone's birthday occurs and the three months on either side general enrollment period (GEP) - CORRECT ANSWER-The designated enrollment period from January 1 through March 31 each year for those who missed their initial enrollment. The coverage does not become effective until July 1 special enrollment period (SEP) - CORRECT ANSWER-A currently employed individual who is still insured under a group health plan when he or she reaches age 65 can either enroll into Medicare while still covered by his or her group health plan, or defer Medicare enrollment until he or she retires. Once employer group health coverage has ended, a retiree enters a Special Enrollment Period (SEP) in which he or she has 8 months to enroll into Parts A and B without being charged late Part A and Part B enrollment penalties. open enrollment period - CORRECT ANSWER-The time period from October 15 until December 7 one can make changes to their Medicare coverage. -change from original Medicare to a Medicare advantage plan, or Vice versa -switch from one Medicare advantage plan to another -Obtain, change or drop their Medicare part D For working Medicare beneficiaries also covered by employer group health plans - CORRECT ANSWER-If the employer has less than 20 employees Medicare pays first. 20 or more employees, the employers group health plan pays first Prospective payment systems - C