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

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 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.

Which of the following statements about Medigap insurance is (are)true? I.Medigap insurance covers some medical expenses that are not covered by Medicare. II.Medigap insurance is sold by private insurers.

Which of the following statements about problems and issues in workers compensation insurance is (are)true? I.Uncertainties created by the increasing use of medical marijuana is a growing problem for employers. II.Enactment of the Affordable Care Act led many employers to stop offering medical benefits as part of the workers compensation coverage on their employees.

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 the full retirement age under the Social Security 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.

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.

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?

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

Which of the following statements is true with regard to the Medicare program?

Which of the following statements is (are)true with respect to the Social Security earnings test? I.The earnings test does not apply to dividends,interest,and rental income. II.The earnings test does not apply to work earnings for those individuals who have reached the full retirement age under Social Security.

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.

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 impact of the implementation of the Affordable Care Act (ACA)on workers compensation is true?

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

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