Exam (elaborations)
MEDICARE, MEDICAIDE, LTC NC INSURANCE QUESTIONS AND ANSWERS
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MEDICARE, MEDICAIDE, LTC NC INSURANCE QUESTIONS AND ANSWERS
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1-216 of 216Studies say how many people over 65 with go into a nursing home?
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2 out of 5
Under Medicare Part A, a benefit period is defined as the period of time that:
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-Begins on the first day that a beneficiary is admitted to the hospital as an
inpatient and
-Ends on the 60th day after the beneficiary has been discharged
Suppose Jack became eligible for Medicare in January of 2013 but did not sign up for
Part B until July of 2015. The standard price for Part B is $104.90 in 2015.
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Although Jack waited 18 months after he first became eligible to sign up for
Part B, only one period of 12 full months has elapsed, so his penalty would
be an additional charge of 10% of his usual premium. The standard
premium for Part B in 2015 was $104.90. Assuming that Jack, like most
people, paid the standard premium, he would be charged an additional
$10.49 (10% of the standard premium amount) for a total premium of
$115.39 ($104.90 plus the $10.49 penalty). Jack would pay that additional 10%
penalty for as long as he had Medicare Part B, not just for the first year. If
the amount of the standard premium increased, the amount of the penalty
would also increase to equal 10% of the higher premium.
LTC Nonforfeiture Cash Surrender Value
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A guaranteed lump sum that is paid to the policyowner upon the lapse or
surrender of the policy.
LTC nonforfeiture
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-Cash surrender value
-Reduced paid-up
-Extended term
Guaranteed Issue Medicare Supplement
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There is an Open Enrollment period for Medigap policies that begins on
the first day of the month that a person becomes eligible for Medicare Part
B and lasts for 6 months. Medicare beneficiaries who apply for Medigap
coverage during the Open Enrollment period must be issued a policy.
What is the late enrollment penalty for Medicare Part A?
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A similar 10% late enrollment penalty also applies to Part A coverage for
individuals who do not get their Part A coverage premium-free.
LTC nonforfeiture Reduced Paid-Up
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, A reduced amount of daily benefit is provided for the duration of the
benefit period after premium payments have been discontinued
Medicare Supplement Policies (Medigap)
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Private plans designed to supplement Medicare by giving coverage for
any gaps in Medicare benefits such as deductibles and coinsurance. Fits
closely with Medicare without duplicating coverage.
When was the MMA officially considered effective?
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January 1, 2006
A Medicare beneficiary bought a Medigap policy effective July 1. If the policy has a
preexisting conditions provision, what is the earliest date a condition could have been
diagnosed or treated and still be excluded?
A May 1 of the current year
B July 1 of the previous year
C March 1 of the current year
D January 1 of the current year
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D January 1 of the current year
*A condition can only be excluded as a preexisting condition if it was
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