BASICS OF MEDICARE
The standard age of eligibility
What is 65?
This Part is responsible for your prescription Drug coverage
What is Part D?
With only Original Medicare Part B coverage, Medicare pays ____ of approved costs and you are responsible for the remaining 20%
What is 80%?
The Initial Enrollment Period begins these many months before an individual turns 65
What is 3?
The monthly cost you (may) pay to keep your health insurance policy active
What is the premium?
On July 30, 1965, this U.S. President signed into law the bill that led to the inception of the Medicare and Medicaid programs
Who is Lyndon B. Johnson?
"Original Medicare" only covers these Parts
What are Part A (hospital insurance benefits) and Part B (supplemental medical insurance benefits)?
A beneficiary who is considered "dual eligible" qualifies to receive their benefits through Medicare and this other, primarily state-based program
What is Medicaid?
The government recommends that this special and honorary group of citizens still enroll in Medicare when first eligible in order to have more care options outside of the VA (side note: they may also be eligible to enroll throughout the year)
Who are veterans?
The amount the insured must pay first before the insurance carrier starts to pay towards the cost of services or medications
What is the deductible?
People under 65 who have gotten disability benefits may qualify for Medicare after these many months
What is 24?
This Part, sometimes referred to as "hospital insurance benefits", covers your inpatient hospital care and skilled nursing facility care, among other services
What is Part A?
For prescription drug costs, the phase of coverage between when your Part D insurance plan helps pay some of the cost of your medications (initial coverage), and the plan pays full costs (catastrophic coverage) is known as the "Coverage Gap." Or this popular term (to the delight of sweet pastry lovers everywhere)
What is "the donut hole"?
The Annual Enrollment Period, also known as AEP, runs from October 15th to this date. Better meet with us agents beforehand to make sure your plan is a good fit!
What is December 7th?
A fixed amount a beneficiary pays for a covered service or medication
What is a co-pay?
The additional surcharge added to the premiums for Medicare Parts B and D that is paid by beneficiaries with higher earnings is known by the acronym, "IRMAA". This stands for ______-Related Monthly Adjusted Amount
What is Income?
This Part is also known as "Medicare Advantage" and includes the same services covered by Parts A and B, and sometimes Part D, along with other additional benefits such as vision, hearing and dental
What is Part C?
Medicare Advantage plans must cover services provided by Original Medicare PLUS they generally have extra benefits included. Name three (multiple answers accepted)
What are: vision, dental, hearing, over-the-counter, fitness and gym memberships, prescription drug coverage, wellness benefits, food and home allowances, etc?
The government recommends that this special and honorary group of citizens still enroll in Medicare in order to have more care options outside of the VA
Who are veterans?
A "PPO" type of plan can cover both in- and out- of network providers and does not require a referral from your primary care physician. "PPO" stands for....
What is Preferred Provider Organization?
"CMS" is the acronym for this federal agency that provides health coverage to millions of Americans through programs such as Medicare, Medicaid, and the Health Insurance Marketplace
What is the U.S. Centers for Medicare & Medicaid Services?
In 2024, the standard monthly premium amount for Part B is this
(answer should be a dollar amount)
What is $174.70?
Medicare and Social Security have a program called Extra Help that assists those with limited income to receive help with these specific costs
What are prescriptions or medications?
The General Enrollment Period allows those who missed their initial enrollment window to now join and allows those on an Advantage Plan to make a one-time change. This period lasts from January 1st to this date
What is March 31st?
Uh-oh! You did not sign up for Medicare when you were first eligible. You have incurred an "LEP," which stands for this
What is a Late Enrollment Penalty?