CSS Social Security & Medicare Benefits 1 — Questions and Answers
Question 1: At what age can a US worker first begin receiving reduced Social Security retirement benefits?
- 59½
- 62 (Correct answer)
- 65
- 67
Correct answer: 62
Workers can claim Social Security retirement benefits as early as age 62, but benefits are permanently reduced compared to waiting until full retirement age.
Question 2: What is the full retirement age (FRA) for workers born in 1960 or later?
- 65
- 66
- 67 (Correct answer)
- 68
Correct answer: 67
Workers born in 1960 or later have a full retirement age of 67, at which they receive their full Primary Insurance Amount (PIA).
Question 3: By what percentage does Social Security benefit increase for each year of delay beyond full retirement age, up to age 70?
- 4%
- 6%
- 8% (Correct answer)
- 10%
Correct answer: 8%
Delayed retirement credits increase the Social Security benefit by 8% per year for each year claimed after full retirement age, up to age 70.
Question 4: Which Medicare part covers inpatient hospital stays and skilled nursing facility care?
- Medicare Part A (Correct answer)
- Medicare Part B
- Medicare Part C
- Medicare Part D
Correct answer: Medicare Part A
Medicare Part A is hospital insurance that covers inpatient hospital care, skilled nursing facility care, hospice, and some home health care.
Question 5: What is the standard Medicare Part B premium for most beneficiaries in 2024?
- $148.50/month
- $164.90/month
- $174.70/month (Correct answer)
- $199.40/month
Correct answer: $174.70/month
The standard Medicare Part B premium in 2024 is $174.70 per month, though higher-income beneficiaries pay more through IRMAA surcharges.
Question 6: What is IRMAA in the context of Medicare?
- Income-Related Monthly Adjustment Amount — a surcharge added to Part B and Part D premiums for higher earners (Correct answer)
- A supplemental Medicare plan sold by private insurers
- The maximum out-of-pocket limit for Medicare Advantage
- An acronym for the Medicare enrollment application process
Correct answer: Income-Related Monthly Adjustment Amount — a surcharge added to Part B and Part D premiums for higher earners
IRMAA is the Income-Related Monthly Adjustment Amount, a surcharge applied to Medicare Part B and Part D premiums for beneficiaries with higher incomes.
CSS Social Security & Medicare Benefits 1
At what age can a US worker first begin receiving reduced Social Security retirement benefits?