EXAMFX Social Insurance Programs 3

Question 1

Which statement about Medicare Part B premiums is correct?

Accepted Answer

Higher-income enrollees pay an income-related monthly adjustment amount (IRMAA)

Answer

All enrollees pay the same flat premium regardless of income

Answer

Part B premiums are automatically deducted from payroll taxes

Answer

Part B has no premium because it is fully funded by the government

Question 2

Supplemental Security Income (SSI) differs from Social Security Disability Insurance (SSDI) primarily in that SSI is:

Accepted Answer

A needs-based program funded by general tax revenues

Answer

Based on work history and payroll tax contributions

Answer

Available only to workers over age 62

Answer

Administered by private insurance companies under state contracts

Question 3

Under Social Security, the Full Retirement Age (FRA) for individuals born in 1960 or later is:

Accepted Answer

67

Answer

65

Answer

66

Answer

68

Question 4

A Medicare SELECT policy differs from a standard Medigap policy primarily because it:

Accepted Answer

Requires the use of network providers for non-emergency care to receive full benefits

Answer

Covers prescription drugs not included in Part D

Answer

Is only available to individuals under age 65 with disabilities

Answer

Provides coverage for long-term nursing home care

Question 5

Which of the following is a key characteristic of the Social Security Old-Age, Survivors, and Disability Insurance (OASDI) program?

Accepted Answer

It is funded on a pay-as-you-go basis through current payroll taxes

Answer

It is entirely voluntary — workers can opt out at any time

Answer

Benefits are based solely on financial need rather than work history

Answer

It is managed by private insurance companies under federal oversight

Question 6

Which Medicare enrollment period allows beneficiaries to switch, join, or drop Medicare Advantage plans once per year?

Accepted Answer

Annual Election Period (AEP)

Answer

Initial Enrollment Period (IEP)

Answer

Special Enrollment Period (SEP)

Answer

Guaranteed Issue Period

Question 7

Medicaid's Estate Recovery Program (MERP) allows states to seek reimbursement from the estates of deceased Medicaid recipients who received which type of care?

Accepted Answer

Long-term care services such as nursing home care

Answer

Outpatient prescription drugs only

Answer

Emergency room visits and hospitalizations only

Answer

Any Medicaid-covered service regardless of type