CFG Social Security & Government Benefits for Older Adults 2

Question 1

What is the Medicare enrollment period for individuals who are not automatically enrolled and must sign up on their own?

Accepted Answer

A 7-month Initial Enrollment Period centered on their 65th birthday month

Answer

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?

Accepted Answer

Medicare Part A

Answer

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?

Accepted Answer

10%

Answer

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?

Accepted Answer

Qualified Medicare Beneficiary (QMB) program

Answer

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?

Accepted Answer

Community Spouse Resource Allowance (CSRA)

Answer

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.

(CFG) Certified Financial Gerontologist Practice Test

(CFG) Certified Financial Gerontologist Practice Test

CFG Social Security & Government Benefits for Older Adults 2