Supplements
How many types of Medicare Supplements are there?
10 different
A,B,C,D,F,G,K,L,M & N
What is another name for Medicare Advantage Plans?
Medicare Part C
How many stages are associated with a Medicare PDP?
3 -
Deductible
Initial Coverage
Catastrophic coverage
When is the annual Open Enrollment Period for Marketplace plans?
November 1st 2023 - January 15th 2024
What is original Medicare also called?
Traditional Medicare or Fee-for-Service (FFS) Medicare.
What is the largest Medicare Supplement company?
United Healthcare
What are the types of Medicare Advantage Plans?
HMO, PPO, PFFS, SNP, HMO-POS, MSA
How many tiers do Medicare PDP's have?
5
For how long after a qualifying life event is an SEP available?
60 days
What's not covered by Part A & Part B?
Name 4
Long-Term Care (also called custodial care)
Most dental care
Eye exams (for prescription glasses)
Dentures
Cosmetic surgery
Massage therapy
Routine physical exams
Hearing aids and exams for fitting them
Concierge care (also called concierge medicine, retainer-based medicine, boutique medicine, platinum practice, or direct care)
Covered items or services you get from an opt-out doctor or other provider (except in the case of an emergency or urgent need)
Can you go back to Medicare Supplement after Medicare Advantage?
You can switch from Medicare Advantage to Medigap, as long as you meet certain requirements.
answer underwriting, or Guarantee Issue if it was your 1st time in an advantage plan and you are still in your Free look period.
Who is the largest Medicare Advantage network?
AARP/United Healthcare
What is the Medicare Prescription Payment Plan?
A voluntary program for Medicare Part D enrollees that allows them to spread out their out-of-pocket prescription drug costs throughout the calendar year.
(BLANK) is a discount that lowers the amount you have to pay for deductibles, copayments and coinsurance.
Subsidy
What is the Medicare Part A premium?
$0 for most people who have enough quarters.
If you don’t qualify for a premium-free Part A, you might be able to buy it. In 2023, the premium is either $278 or $506 each month, depending on how long you or your spouse worked and paid Medicare taxes.
In the Medicare & you book what is a Medicare Supplement referred as?
Medicare E
When did Medicare Advantage start?
In what year is it projected that the donut hole will be closed?
Beginning in 2025, the coverage gap phase will be eliminated, and a new $2,000 OOP cap will be applicable with the option to spread OOP payments out over the course of the year. The initial coverage phase remains unchanged.
True or False
In states that don’t implement Medicaid expansion, people between the state’s Medicaid ceiling (it varies by state) and 100% of the FPL are not eligible for Medicaid or the new tax credit.
True
What is IRMMA?
The Medicare Income-Related Monthly Adjustment Amount (IRMAA) is an amount you may pay in addition to your Part B or Part D premium if your income is above a certain level. The Social Security Administration (SSA) sets four income brackets that determine your (or you and your spouse's) IRMAA.
Which provision must all Medicare Supplement policies contain?
30-day Free Look Provision on the first page of the policy in bold print.
Can you add a stand-alone PDP to a Medicare Advantage plan without Drug coverage (MA)?
If you join a Medicare Advantage Plan, you'll usually get drug coverage through that plan. In certain types of plans that can't offer drug coverage (like Medical Savings Account plans) or choose not to offer drug coverage (like certain Private Fee-for-Service plans), you can join a separate Medicare drug plan.
What is the expanded LIS eligibility?
Eligibility for the Part D LIS program from 135% of the federal poverty level to 150% beginning in 2024.
True or False
Client/Prospect(s) Zip Code, Age or DOB, Spouse & Dependent Info, Tobacco Use, and Household Income are the only REQUIRED pieces of information to run a quote on HealthSherpa.
True
How would Home Healthcare be covered under Medicare part A?
If the patient is released from inpatient hospital care with a Prescription from the attending doctor.