#1
Which government program provides health insurance for individuals aged 65 and older in the United States?
Medicare
ExplanationMedicare is a government program providing health insurance for individuals aged 65 and older.
#2
What is the purpose of a health insurance deductible?
To reduce out-of-pocket costs
ExplanationA health insurance deductible is intended to reduce out-of-pocket costs for covered healthcare services.
#3
Which government agency administers the Medicare program in the United States?
Centers for Medicare & Medicaid Services (CMS)
ExplanationThe Centers for Medicare & Medicaid Services (CMS) administers the Medicare program in the United States.
#4
What is the 'donut hole' in the context of Medicare Part D?
A coverage gap where the beneficiary pays higher out-of-pocket costs
ExplanationThe 'donut hole' in Medicare Part D is a coverage gap where the beneficiary pays higher out-of-pocket costs for prescription drugs.
#5
What is the 'birthday rule' in the context of health insurance?
A rule determining which parent's insurance is primary for dependent children
ExplanationThe 'birthday rule' determines which parent's insurance is primary for dependent children, often based on birthdate.
#6
What is the open enrollment period for Medicare each year?
October 15 - December 7
ExplanationMedicare open enrollment occurs annually from October 15 to December 7, allowing individuals to make plan changes.
#7
Which Medicare part covers hospital stays and inpatient care?
Part A
ExplanationMedicare Part A provides coverage for hospital stays and inpatient care services.
#8
Which of the following is a common type of health insurance plan that restricts coverage to a specific network of healthcare providers?
EPO (Exclusive Provider Organization)
ExplanationEPO is a common health insurance plan type that limits coverage to a specific network of healthcare providers.
#9
What is the purpose of Medicare Part D?
Prescription drug coverage
ExplanationMedicare Part D is designed to provide prescription drug coverage for Medicare beneficiaries.
#10
What does COBRA stand for in the context of health insurance?
Consolidated Omnibus Budget Reconciliation Act
ExplanationCOBRA, or the Consolidated Omnibus Budget Reconciliation Act, allows employees to continue health coverage after job loss.
#11
What is the penalty for not enrolling in Medicare Part B when first eligible, and later deciding to enroll?
5% penalty per year
ExplanationA 5% penalty per year is incurred for late enrollment in Medicare Part B after the initial eligibility period.
#12
Which of the following is not covered by Original Medicare (Part A and Part B)?
Prescription drugs
ExplanationOriginal Medicare (Part A and Part B) does not cover prescription drugs; additional coverage is needed.
#13
During which period can individuals enroll in a Marketplace health insurance plan under the Affordable Care Act (Obamacare)?
Open Enrollment Period
ExplanationIndividuals can enroll in a Marketplace health insurance plan under the Affordable Care Act (Obamacare) during the Open Enrollment Period.
#14
What is the purpose of a Health Savings Account (HSA) in relation to health insurance?
To accumulate pre-tax funds for medical expenses
ExplanationAn HSA allows individuals to accumulate pre-tax funds for medical expenses, complementing high-deductible health plans.
#15
What is the 'coverage gap' often referred to in Medicare Part D?
The period when prescription drug coverage stops until catastrophic coverage begins
ExplanationThe 'coverage gap' in Medicare Part D is the period when prescription drug coverage stops until catastrophic coverage begins.