#1
Which of the following is true about Medicare Advantage plans?
They are administered by private insurance companies.
ExplanationAdministered by private insurers.
#2
What is the initial enrollment period for Medicare Part D?
7 months after turning 65.
ExplanationStarts 7 months after turning 65.
#3
Which of the following is NOT a part of Medicare Part D coverage?
Over-the-counter medications
ExplanationOTC meds not covered.
#4
When does the Annual Election Period (AEP) for Medicare Advantage and Part D plans typically occur?
October 15th to December 7th
ExplanationAEP: Oct 15th - Dec 7th.
#5
What is the 'star rating' system used for in Medicare Advantage plans?
To measure plan quality and performance
ExplanationStar rating: Quality measurement.
#6
Which of the following is NOT a factor to consider when choosing a Medicare Advantage plan?
Income level.
ExplanationIncome level not a factor.
#7
What is the late enrollment penalty for Medicare Part D?
1% of the national average premium.
ExplanationLate penalty is 1% of national premium.
#8
What is the difference between Medicare Advantage and Original Medicare?
Medicare Advantage plans are administered by private insurance companies, while Original Medicare is administered by the government.
ExplanationMA: Private insurers, Original: Government.
#9
What is the maximum out-of-pocket limit for Medicare Advantage plans in 2024?
$6,700
ExplanationMaximum OOP limit is $6,700.
#10
What is the role of the Centers for Medicare & Medicaid Services (CMS) in Medicare Advantage and Part D plans?
Regulating and overseeing the plans
ExplanationCMS role: Regulate and oversee plans.
#11
In what circumstance can one enroll in a Special Enrollment Period for Medicare Advantage?
Losing employer-sponsored health coverage.
ExplanationEligible after losing employer coverage.
#12
What is the primary purpose of Medicare Part D plans?
To offer prescription drug coverage
ExplanationPrimary purpose: Rx coverage.
#13
What is the 'initial coverage limit' in Medicare Part D?
The total amount of prescription drug costs covered by the plan before entering the coverage gap
ExplanationInitial coverage limit: Total drug costs covered before gap.
#14
What is the purpose of the Special Needs Plan (SNP) in Medicare Advantage?
To tailor coverage to beneficiaries with specific health needs
ExplanationSNP: Customized coverage for specific needs.
#15
Which of the following is NOT a requirement for Medicare Advantage plans?
Covering all services provided by Original Medicare
ExplanationNot required to cover all Original Medicare services.