Podcast
Questions and Answers
Which of the following is covered by Part A of Medicare?
Which of the following is covered by Part A of Medicare?
- Hospitalization (correct)
- Outpatient care
- Prescription drugs
- Preventive services
What is the primary difference between Medicare Part C and Parts A and B?
What is the primary difference between Medicare Part C and Parts A and B?
- Part C is provided through government programs only.
- Part C has higher out-of-pocket costs.
- Part C does not cover prescription drugs.
- Part C includes private insurance alternatives. (correct)
What type of benefits does Medicaid primarily cover?
What type of benefits does Medicaid primarily cover?
- Retirement benefits for seniors
- Health coverage for low-income individuals (correct)
- Disability benefits for workers
- Insurance for chronic diseases
In life insurance policies, who is the contingent beneficiary?
In life insurance policies, who is the contingent beneficiary?
What does 'Total Disability' refer to in insurance terms?
What does 'Total Disability' refer to in insurance terms?
Which of the following describes 'Residual Disability'?
Which of the following describes 'Residual Disability'?
How do 'Occupational' and 'Non-Occupational' coverage differ?
How do 'Occupational' and 'Non-Occupational' coverage differ?
Which of the following describes 'Managed Care' insurance systems?
Which of the following describes 'Managed Care' insurance systems?
Flashcards
Medicaid
Medicaid
Provides health insurance coverage for low-income individuals and families. It's a joint program funded by both the federal and state governments.
Social Security Benefits
Social Security Benefits
A federal program that provides retirement, disability, survivor, and dependent benefits. It's funded through payroll taxes.
Medicare Part A (Hospital Insurance)
Medicare Part A (Hospital Insurance)
Covers inpatient care, skilled nursing, hospice, and some home health care. It's a component of Medicare.
Medicare Part B (Medical Insurance)
Medicare Part B (Medical Insurance)
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Medicare Part C (Medicare Advantage)
Medicare Part C (Medicare Advantage)
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Medicare Part D (Prescription Drug Coverage)
Medicare Part D (Prescription Drug Coverage)
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Dependent Children Benefits
Dependent Children Benefits
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Primary Beneficiary
Primary Beneficiary
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Study Notes
Social Insurance
- Medicare: A federal program offering health insurance.
- Part A: Covers inpatient care, skilled nursing, hospice, and some home health care.
- Part B: Covers outpatient care, doctor services, and preventive services.
- Part C (Medicare Advantage): Private insurance options offering additional benefits.
- Part D: Prescription drug coverage.
- Medicaid: A joint federal and state program providing health coverage to low-income individuals and families.
- Social Security: A federal program providing retirement, disability, survivor, and dependent benefits, funded by payroll taxes.
Other Insurance Concepts
- Disability:
- Total Disability: Inability to work in any occupation.
- Partial Disability: Limited ability to work or perform some duties.
- Recurrent Disability: Disability recurring after recovery.
- Residual Disability: Loss of income following a disability, even after returning to work.
- Policy Ownership: Policyowners have rights such as naming beneficiaries, borrowing against cash value, and modifying policy terms.
- Dependent Children Benefits: Coverage for dependent children contingent on age or stipulations.
- Beneficiaries:
- Primary Beneficiary: First recipient of benefits.
- Contingent Beneficiary: Receives benefits if the primary beneficiary isn't available.
- Premium Payment Modes: Options for paying premiums (monthly, quarterly, semi-annually, annually).
- Benefit Coordination: Prevents duplication of benefits from multiple policies, establishing coverage priority.
- Coverage Types:
- Occupational: Covers work-related injuries.
- Non-Occupational: Covers injuries unrelated to work.
- Taxation: Rules regarding taxability of premiums, benefits, and payouts (e.g., employer-paid disability income is often taxable).
- Managed Care: Health insurance systems focusing on cost control and coordinated care (HMOs, PPOs).
- Workers' Compensation: Mandatory insurance covering work-related injury/illness expenses and lost wages.
- Subrogation: Insurer's right to recover costs from a liable third party after a claim is paid.
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