RFC Social Security & Medicare Planning 2

Question 1

A married couple wants to maximize lifetime Social Security benefits. The higher earner should generally delay benefits to age 70 primarily to:

Accepted Answer

Maximize the survivor benefit for the lower-earning spouse

Answer

Delaying the higher earner's benefit to 70 maximizes the survivor benefit, since the surviving spouse receives the higher of the two benefits.

Question 2

Which Medicare supplement (Medigap) plan covers the Part B deductible in addition to Part A costs for newly eligible enrollees after January 1, 2020?

Accepted Answer

Plan G

Answer

Plan G is the most comprehensive Medigap plan available to those newly eligible after January 1, 2020, as Plan F was discontinued for new enrollees; Plan G does not cover the Part B deductible.

Question 3

A 62-year-old client earns $35,000 annually and claims Social Security early. In 2024, the earnings test exempt amount below which no benefit is withheld is approximately:

Accepted Answer

$21,240

Answer

In 2024, the annual earnings test threshold for those under full retirement age is approximately $21,240; $1 in benefits is withheld for every $2 earned above this amount.

Question 4

Medicare Advantage (Part C) plans are required by law to cover at minimum:

Accepted Answer

All services covered under Original Medicare Parts A and B

Answer

Medicare Advantage plans must cover all services that Original Medicare (Parts A and B) covers, though they may use networks and prior authorization.

Question 5

The Social Security 'file and suspend' strategy was largely eliminated for couples by the Bipartisan Budget Act of 2015 primarily because it allowed:

Accepted Answer

One spouse to suspend benefits while the other claimed spousal benefits on that record simultaneously

Answer

The old file-and-suspend loophole let a higher earner suspend benefits while a spouse collected a spousal benefit, but post-2016 rules require the worker to actually be receiving benefits for spousal claims to be paid.

(RFC) Registered Financial Consultant Practice Test

(RFC) Registered Financial Consultant Practice Test

RFC Social Security & Medicare Planning 2