CFG Social Security & Government Benefits for Older Adults 2 — Questions and Answers
Question 1: What is the Medicare enrollment period for individuals who are not automatically enrolled and must sign up on their own?
- A 3-month window starting the month of their 65th birthday
- A 7-month Initial Enrollment Period centered on their 65th birthday month (Correct answer)
- A 12-month open enrollment beginning January 1 each year
- A 6-month Special Enrollment Period after retirement
Correct answer: A 7-month Initial Enrollment Period centered on their 65th birthday month
The Initial Enrollment Period (IEP) spans 7 months: 3 months before the birthday month, the birthday month itself, and 3 months after.
Question 2: Which part of Medicare covers inpatient hospital stays, skilled nursing facility care, and hospice services?
- Medicare Part A (Correct answer)
- Medicare Part B
- Medicare Part C
- Medicare Part D
Correct answer: Medicare Part A
Medicare Part A is the hospital insurance that covers inpatient hospital care, skilled nursing facility stays, home health services, and hospice care.
Question 3: The Medicare Part B late enrollment penalty adds what percentage per year for each full 12-month period of delayed enrollment?
- 5%
- 10% (Correct answer)
- 15%
- 20%
Correct answer: 10%
The Medicare Part B late enrollment penalty is 10% of the standard premium for each full 12-month period during which the person was eligible but did not enroll.
Question 4: Which Medicare Savings Program helps cover Medicare Part B premiums for qualifying low-income beneficiaries?
- Qualified Medicare Beneficiary (QMB) program (Correct answer)
- Extra Help program
- PACE program
- SHIP program
Correct answer: Qualified Medicare Beneficiary (QMB) program
The QMB program pays Medicare Part A and Part B premiums, deductibles, and coinsurance for individuals with very low income and resources.
Question 5: Under Medicaid eligibility rules, what is the term for the minimum amount a community spouse may retain from the couple's combined assets?
- Community Spouse Resource Allowance (CSRA) (Correct answer)
- Minimum Monthly Maintenance Needs Allowance (MMMNA)
- Spousal Impoverishment Protection
- Asset Transfer Exemption
Correct answer: Community Spouse Resource Allowance (CSRA)
The CSRA is the minimum amount of countable assets the community spouse is allowed to keep when the other spouse applies for Medicaid long-term care.
Question 6: What is the Medicaid 'look-back period' that reviewers examine for asset transfers made below fair market value?
- 12 months
- 24 months
- 36 months
- 60 months (Correct answer)
Correct answer: 60 months
Medicaid applies a 60-month (5-year) look-back period for most asset transfers, during which gifts or below-market transfers can cause a period of ineligibility.
Question 7: Which federal program provides prescription drug coverage to Medicare beneficiaries?
- Medicare Part A
- Medicare Part B
- Medicare Part C
- Medicare Part D (Correct answer)
Correct answer: Medicare Part D
Medicare Part D provides outpatient prescription drug coverage through private plans that contract with Medicare.
CFG Social Security & Government Benefits for Older Adults 2
What is the Medicare enrollment period for individuals who are not automatically enrolled and must sign up on their own?