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CRPC Chapter 5 Exam Questions with Answers All Correct

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CRPC Chapter 5 Exam Questions with Answers All Correct Which of the following is not considered to be qualified medical expense for purpose of the HSA account rules? Premium payment part A Premium payment part B Premium payment for LTC insurance Premium payment for medigap policy - Answer-Pr...

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  • August 9, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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CRPC Chapter 5 Exam Questions
with Answers All Correct

Which of the following is not considered to be qualified medical expense for purpose of
the HSA account rules?
Premium payment part A
Premium payment part B
Premium payment for LTC insurance
Premium payment for medigap policy - Answer-Premium payment for medigap policy

All of the following are true re: Medicare except:
Medicare is a social insurance program
Medicare advantage plans are available as an alternative to traditional Medicare
Enrollment during a special period requires documentation that you were previously
enrolled in an employer sponsored plan
If you miss your initial enrollment period you will face a One time penalty = to 10% of
your premium - Answer-If you miss your initial enrollment period you will face a One
time penalty = to 10% of your premium
For every 12 mo period during which you could have signed up but didn't.
Drawbacks of conservatorship when it comes to incapacity - Answer-1) competency of
the person in question must be determined through a court hearing.
2) court may require the posting of a security bond for the conservator and require
detailed reports and accounting to the court..

general power of attorney - Answer-an instrument in writing authorizing one person to
do anything for the principal. In other words, one party has full power of attorney for
another party.
The authority of the attorney-in-fact ceases when the principal dies or becomes
incapacitated.

Durable power of attorney - Answer-A durable POA does not cease upon the incapacity
of the principal (it will cease upon death). This makes it a more effective instrument for
dealing with incapacity.

Revocable living trust - Answer-A trust set up on behalf of the grantor. Assets are
transferred into the trust before the grantor experiences any incapacity. It is operative
and managed from the time it is established.

Contingent (standby) trust - Answer-A legal shell.
It is funded when the grantor become incapacitated. This means that someone must
have the legal authority to transfer the grantor's assets to the trust and manage them on

, behalf of the grantor. This is a person with a durable POA (sometimes with a "springing"
power).

Living will - Answer-a document in which a person states his or her wishes about life
support and other treatments

Which one of the following is correct re: Medicare advantage plans except:
These plans are available through private companies under contract with Medicare.
Ind can select from among 10 plans labeled A-N.
Medicare part D is often purchased by ind choosing Medicare advantage plans to add
coverage for Rx drugs
The donut hole results in significantly less out of pocket expenses for ind - Answer-
these plans are available through private companies under contract with Medicare.
The applicable premium is means tested and costs an avg of $42/mo. Med part D is
often included in Medicare advantage and not purchased in addition . The donut hole
continues to expose ind to out of pocket costs of over $3700 once it is reached.

Which is true of Medicare benefits?
They vary depending on ind AGI.
They vary depending on ind age.
They are not available until soc sec full retirement age
They are available even if s client continues to work after 65 - Answer-They are
available even if s client continues to work after 65
Only difference they would need to file an application if not yet receiving soc sec
benefits. Eligible st 65.
The change in soc sec FRA does not change the age an ind may be eligible for
Medicare
Unlike soc sec Medicare benefits are not affected by an ind earnings or amount paid
into system over the years


Affordable Care Act
Categories of coverage and the average percentage of costs each covers: - Answer-
Catastrophic plans pay for less than 60% of the total average cost of care. Only
available to ind under age 30 unless they qualify for hardship exemption
Bronze plan: pays 60% and insured pays 40%
Silver plan: pays 70% and insured pays 30%.
Gold plan: pays 80% and insured pays 20%
Platinum plan: pays 90% and insured pays 10%.

Affordable Care Act
How deductible works - Answer-Amount that the insured must pay before the plan pays
anything.
Do not apply to every service, preventative care, may be paid 100% by ins company.
Health insurance deductibles are annual deductibles, not a per incident deductible.

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