Exam 18: Social Insurance

Which of the following statements about the Medicare prescription drug benefit is (are)true? I.Beneficiaries select a prescription drug plan and pay monthly premiums,with the premium reduced or waived for low-income beneficiaries. II.The benefit provides first-dollar coverage of prescription drugs up to a maximum of $10,000 per year,but no coverage after $10,000.

Which of the following statements about disability benefits under Social Security is true?

All of the following changes would reduce the long-range deficit for the Social Security program EXCEPT

All of the following persons are eligible for survivor benefits under Social Security EXCEPT

EFG Company experienced a reduced demand for its products during a recession.EFG managers were considering laying off some workers when the personnel director said,"Let's not lay off these workers.If we do,our unemployment insurance premiums will increase.The state considers employment stability when determining our premium." Considering the firm's employment record when determining the rate to charge for unemployment insurance is called

Which of the following statements about the problems and issues of unemployment insurance programs is (are)true? I.Many state programs are inadequately financed. II.Only a small portion of the total unemployed receive benefits at any time.

In order to receive unemployment insurance benefits,an unemployed worker must meet all of the following eligibility requirements EXCEPT

As of this year,Brad,age 50,has 40 credits under the Social Security program.These credits were all earned in the last 10 years.What is Brad's insured status under the program?

Tony is 48 years old.He earned the maximum taxable wage base under Social Security annually between the time when he was 26 and when he was 40.At age 40,he dropped out of the workforce to care for children as his wife had a high-paying job.Which statement is true regarding Tony's insured status under Social Security?

Which of the following statements is (are)true with respect to the Medicare Advantage Plans? I.These plans replace the original Medicare program,Parts A and B,which are no longer available to new retirees. II.These plans provide an opportunity for retirees to receive Medicare coverage through private health care plans.

Marion owns substantial financial assets.She was surprised that she qualified for Social Security retirement benefits when she retired because of her high investment income.What characteristic of social insurance programs is Marion overlooking with respect to her Social Security retirement benefits?

Which of the following statements about the financing of OASDI and Medicare is (are)true? I.There is a maximum taxable wage base for OASDI. II.There is a maximum taxable wage base for Part A of Medicare.

Which of the following statements about unemployment insurance benefits is true?

Which of the following statements about taxation of Social Security retirement benefits under federal law is (are)true? I.Social Security retirement benefits are never considered taxable income. II.Up to 85 percent of Social Security retirement benefits may be considered taxable income,depending on the amount of other income received by the beneficiary.

Objectives of unemployment insurance include which of the following? I.To help unemployed workers find jobs. II.To encourage employers to stabilize employment.

All of the following statements about the Medicare Prescription Drug Plan are true EXCEPT

Dale,age 65,was dismayed to learn about all of the deductibles,co-pays,limits,and exclusions in the Medicare program.Dale bought a type of health insurance specifically designed to supplement Medicare,and selected his coverage from among 10 standard policies that private insurers offer.What type of health insurance did Dale purchase?

Which of the following would help to reduce the long-range OASDI actuarial deficit ?

Frank is doing some life insurance planning.A financial advisor said,"be sure to consider Social Security when examining sources of funds available for family support if you die." The financial advisor was referring to which Social Security benefit?

Which of the following statements about the financing of unemployment insurance benefits is true?