Medicare, Medigap & Social Security Benefits Flashcards

For a person born in 1960 or later, what is the full retirement age for Social Security?

Answer: 67

Full retirement age is 67 for anyone born in 1960 or later.

For each year a worker delays Social Security past full retirement age, up to age 70, retirement benefits increase by:

Answer: 8%

Delayed retirement credits raise benefits by 8% per year (2/3 of 1% per month) until age 70.

How many Social Security credits does a worker generally need to qualify for retirement benefits?

Answer: 40 credits

Retirement benefits require 40 credits, roughly 10 years of work, with up to 4 credits earned per year.

At full retirement age, a spouse can receive a spousal benefit of up to what percentage of the worker's primary insurance amount?

Answer: 50%

The spousal benefit is up to 50% of the worker's PIA if claimed at the spouse's full retirement age.

After becoming disabled, how many full months must a worker wait before Social Security Disability Insurance benefits begin?

Answer: 5 months

SSDI has a 5-full-month waiting period before cash benefits start.

How does Supplemental Security Income (SSI) differ from SSDI?

Answer: SSI is needs-based and funded by general tax revenue, not by payroll-tax work credits

SSI is a means-tested program paid from general revenues, while SSDI is based on the worker's insured status.

For a working-aged beneficiary covered by a group health plan from an employer with 20 or more employees, which plan pays first?

Answer: The employer group health plan is primary

Under Medicare Secondary Payer rules, a group plan from an employer with 20+ employees pays before Medicare for the working aged.