Questions and Answers
Benefits provided by a Medicare Supplement policy must NOT
Premiums paid that exceed 7 ½% of an insured's Adjusted Gross Income (AGI) are tax-deductible when paid for which of the following plans?
Which type of plan would be most appropriate for an individual on Medicare and is concerned that Medicare will NOT pay for charges exceeding the approved amount?
Long-Term Care policies may provide coverage for claims arising from
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Shirley has a Medigap policy, which is designed to pay costs associated with
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The difference between a Long Care Partnership Plan and a Non-Partnership Plan is which of the following?
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The purpose of Medicare Supplement Insurance is to address gaps in Medicare coverage, which can include
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Respite care is able to provide
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Generally speaking, which three levels of care are Long-Term Care policies provided with?
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A Medicare supplement plan can be canceled by the insurer
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Someone needing custodial care at home would require which type of coverage?
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The IRS states that a taxpayer's medical expenses that exceed 7.5% of their adjusted gross income are tax-deductible. Which of the following may be considered a medical expense under this rule?
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Bill requires some nursing care and supervision but NOT full-time care. Which of these nursing home options would best serve him?
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Which of these gaps in Medicare coverage is addressed with Medicare Supplemental Insurance?
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Which situation would qualify an individual for receiving benefits from a qualified long-term care policy?
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Study Notes
Medicare Supplement Policies
- Medicare Supplement policies (Medigap) cannot duplicate benefits provided by Medicare.
- Medigap coverage is not available for individuals under 70 and cannot charge additional premiums arbitrarily.
Tax-Deductible Premiums
- Premiums exceeding 7.5% of an insured's Adjusted Gross Income are deductible if paid for a Qualified Long-Term Care plan.
Coverage Concerns for Medicare
- Medicare supplement Plan F is ideal for those concerned that Medicare will not cover charges exceeding approved amounts.
Long-Term Care Policies
- Long-Term Care policies may cover claims related to senile dementia and other disorders.
Medigap Policy Coverage
- Medigap policies are specifically designed to cover costs associated with Medicare Part A and Part B.
Long-Term Care Partnership Plans
- The primary difference between Long-Term Care Partnership Plans and Non-Partnership Plans is in assets protection.
Medicare Coverage Gaps
- Medicare Supplement Insurance helps cover gaps in Medicare coverage, including the in-hospital deductible.
Respite Care
- Respite care offers temporary relief to primary caregivers of patients needing care.
Levels of Care in Long-Term Care
- Long-Term Care policies commonly provide three levels of care: skilled nursing, intermediate care, and custodial care.
Cancellation of Medicare Supplement Plans
- Insurers can cancel Medicare supplement plans for nonpayment of premiums, but not for health changes after a probationary period.
Custodial Care Coverage
- Individuals needing custodial care at home should consider Long-Term Care insurance.
Medical Expense Tax Deductions
- Long-Term Care Insurance premiums are considered medical expenses and qualify for tax deductions if they exceed the 7.5% AGI threshold.
Nursing Home Options
- Assisted living is the most suitable option for individuals requiring nursing care and supervision but not full-time care.
Coverage Gaps Addressed by Medicare Supplemental Insurance
- Medicare Supplemental Insurance specifically addresses the in-hospital deductible among other gaps in coverage.
Eligibility for Long-Term Care Benefits
- Receiving benefits from a qualified long-term care policy is possible if an individual becomes cognitively impaired.
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Description
Test your knowledge on private insurance plans available for seniors, focusing on Medicare Supplement policies. This quiz covers key definitions and important aspects such as benefits and premium deductions. Perfect for anyone studying health insurance or preparing for related certifications.
