Social Security & Government Benefits for Older Adults Flashcards
7 cards from real CFG practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Social Security & Government Benefits for Older Adults flashcards as text
What is the Medicare enrollment period for individuals who are not automatically enrolled and must sign up on their own?
Answer: A 7-month Initial Enrollment Period centered on their 65th birthday month
The Initial Enrollment Period (IEP) spans 7 months: 3 months before the birthday month, the birthday month itself, and 3 months after.
Which part of Medicare covers inpatient hospital stays, skilled nursing facility care, and hospice services?
Answer: Medicare Part A
Medicare Part A is the hospital insurance that covers inpatient hospital care, skilled nursing facility stays, home health services, and hospice care.
The Medicare Part B late enrollment penalty adds what percentage per year for each full 12-month period of delayed enrollment?
Answer: 10%
The Medicare Part B late enrollment penalty is 10% of the standard premium for each full 12-month period during which the person was eligible but did not enroll.
Which Medicare Savings Program helps cover Medicare Part B premiums for qualifying low-income beneficiaries?
Answer: Qualified Medicare Beneficiary (QMB) program
The QMB program pays Medicare Part A and Part B premiums, deductibles, and coinsurance for individuals with very low income and resources.
Under Medicaid eligibility rules, what is the term for the minimum amount a community spouse may retain from the couple's combined assets?
Answer: Community Spouse Resource Allowance (CSRA)
The CSRA is the minimum amount of countable assets the community spouse is allowed to keep when the other spouse applies for Medicaid long-term care.
What is the Medicaid 'look-back period' that reviewers examine for asset transfers made below fair market value?
Answer: 60 months
Medicaid applies a 60-month (5-year) look-back period for most asset transfers, during which gifts or below-market transfers can cause a period of ineligibility.
Which federal program provides prescription drug coverage to Medicare beneficiaries?
Answer: Medicare Part D
Medicare Part D provides outpatient prescription drug coverage through private plans that contract with Medicare.