Exam 18: Social Insurance

All of the following statements about the Medicare prescription drug benefit are true EXCEPT

Which of the following statements about the financing of the Social Security program is (are)true? I.Although the self-employed pay an OASDI tax rate that is twice the employee rate,they are allowed certain deductions that reduce the effective tax rate. II.The earnings base on which OASDI taxes are paid increases annually based on changes in average wages in the national economy.

Which of the following statements concerning Medicare Prescription Drug Plans is (are)true? I.The monthly premium is based on the health status of the beneficiary and the number of prescriptions the beneficiary needs. II.After the beneficiary has paid an initial deductible,Medicare pays the entire cost of all prescription drugs the beneficiary needs.

Which of the following statements about a worker's primary insurance amount is (are)true? I.It is the monthly amount paid to a worker who elects early retirement at age 62. II.It is equal to 50 percent of the worker's final average pay that was subject to Social Security taxes.

Marco,a risk manager in California,is interviewing for a new position in the state of Washington.When Marco asked about methods of providing workers compensation,the answer surprised him.In Washington,employers can self-insure the risk or obtain coverage through a state fund.Private insurers do not market workers compensation insurance in Washington.Washington uses a

Which of the following statements about the coverage of health care services under Part A of Medicare is (are)true? I.Services in the patient's home are covered if the patient requires skilled care and meets certain conditions. II.Hospice care is available for beneficiaries with a terminal illness.

Which of the following statements about the characteristics of social insurance programs is true?

Prior to the passage of workers compensation laws,all of the following common law defenses could be used by employers to avoid financial responsibility for work-related injuries EXCEPT

Which of the following statements about Medigap policies is (are)true? I.Insurers are required to have an open enrollment period of 6 months from the date an applicant first enrolls in Medicare Part B and is age 65 or older. II.Most policies are of limited value because they largely duplicate benefits already provided by Medicare.

All of the following persons are eligible for a benefit under the retirement portion of the Social Security program EXCEPT

Which of the following statements about the financial status of Medicare Part A is (are)true? I.Part A has serious financial problems. II. Reforms instituted by Congress have reduced total Part A expenditures in recent years.

Which of the following statements about the medical insurance (Part B.portion of Medicare is (are)true? I.Participation in Part B of Medicare is voluntary. II.It is provided at no cost to anyone who is fully insured under Medicare.

One insured status under Social Security requires you to have earned at least six credits duing the last 13 calendar quarters ending with the quarter of death,disability,or entitlement to retirement benefits.This insured status is

Which of the following statements about the role of physicians with respect to Medicare claims is (are)true? I.Physicians who do not accept an assignment of Medicare claims can charge as much as 200 percent of the Medicare-approved fee. II.Physicians who accept assignment agree to accept the Medicare-approved amount as payment in full.

Which of the following statements about hospice benefits under the hospital insurance (Part A.portion of Medicare is (are)true? I.Hospice benefits are payable only while the beneficiary is hospitalized. II.Hospice benefits are provided to persons who are terminally ill.

As an alternative to the Original Medicare Plan,beneficiaries can elect to enroll in private health insurance plans that cover all services that the Original Medicare Plan covers except hospice care.These private health insurance plans that are an alternative to the Original Medicare Plan are called

Under one of the Medicare Advantage Plans,beneficiaries can receive care at a discounted rate by using health care providers that belong to the plan network.Care outside the network is also covered,but beneficiaries must pay higher out-of-pocket costs.This type of Medicare Advantage Plan is a

Which of the following statements about the Social Security cost-of-living adjustment is (are)true? I.The amount of the adjustment is limited to a maximum of 2.5 percent annually. II.Increases are based on changes in the consumer price index.

Which of the following statements regarding the Emergency Unemployment Compensation (UEC)program is true?

Which of the following statements about participation in the Social Security program is (are)true? I.Most private sector employees are covered under the Social Security program. II.Each employee has the right to "opt out" of the Social Security program if the employee does not wish to participate in the program.