Deck 7: Government-Mandated Social Security Programs

Question 1

The supplemental insurance benefit (SUB)is used to extend disability benefits. (Unemployment Insurance Benefit Amounts)

Answer 1

False

Question 2

In 2011,more than 55 million Americans were expected to receive Social Security benefits. (OASDI and Medicare)

Answer 2

True

Question 3

Social Security disability benefits are available to disabled workers who are unable to work as a result of a serious medical impairment that lasts at least 12 months. (Disability Benefits,Eligibility)

Answer 3

True

Question 4

Medicare Part D was first offered in 2004. (Medicare Prescription Drug Benefit)

Question 5

The employee and self-employed tax rates were each temporarily reduced by 2 percent for the 2012 calendar year. (OASDI Programs)

Question 6

Part A coverage automatically qualifies an individual to enroll in Part B coverage for a monthly premium. (Eligibility Criteria for Medicare Benefits)

Question 7

The Social Security Act was amended in 1965 to create the Medicare program. (Medicare)

Question 8

The Medicare tax is subject to a taxable wage base. (Medicare Programs)

Question 9

Self-employed individuals must pay a FICA rate that is twice as much as a factory worker has to? (Financing OASDI and Medicare Programs)

Question 10

The Social Security Administration increases retirement benefits by a designated percentage for each month worked beyond full retirement until age 70. (Old-Age Benefits,Eligibility Criteria)

Question 11

Social Security pays only for total disability. (Disability Benefits)

Question 12

The net job gains between March to June 2011 offset the net job losses during the 2007-2009 recession. (Unemployment Insurance)

Question 13

Physicians' fees and custodial care in a nursing home are covered by Medicare Part
A.(Medicare Part A Coverage)

Question 14

Based on the 2012 report,the projected date of the Medicare trust fund exhaustion is 2035. (Financial Status of the OASDI and Medicare Programs)

Question 15

In general,an employee must earn at least 30 credits to be eligible to receive retirement benefits. (Qualifying for OASDI Benefits)

Question 16

Medicare Part A only covers outpatient hospital care and services. (Medicare Part A Coverage)

Question 17

The Social Security Administration pays monthly survivor benefits at a level ranging from 71.5% to 75% of the primary insurance amount. (Survivor Benefit Amount Determination)

Question 18

Medigap insurance supplements Medicare Parts A & B and is available from private insurance companies. (Medigap Insurance)

Question 19

An employee's average indexed monthly earnings determines the initial primary insurance amount for OASDI benefits. (Determining Benefit Amounts)

Question 20

Unemployment Compensation Act of 2008 expanded the EUC benefits to 20 weeks nationwide. (Unemployment Insurance)

Question 21

This Medicare program offers voluntary supplemental medical insurance. (Medicare Part B Coverage)

A)Medicare Part B
B)Medicare Part A
C)Medicare Advantage
D)Medicare Part C

Question 22

In 2009,6.2% of employer and employee contributions were set aside from FICA to fund OASDI programs. (OASDI Programs)

Question 23

At what age are retirees first eligible for Social Security benefits? (Old-Age Benefits,Eligibility Criteria)

A)65
B)62
C)70
D)67

Question 24

Which of the following is not one of the factors believed to have hastened the deterioration of the OASDI and Medicare trust funds? (Financial Status of the OASDI and Medicare Programs)

A)longer life expectancy
B)increased insurance claims
C)high levels of unemployment
D)immigration

Question 25

Which of the following are eligible for OASDI? (OASDI and Medicare)

A)Self employed individuals
B)Federal government workers
C)10 year railroad employees
D)Children under 21 who work for their parents

Question 26

Medicare Part D was established by the Medicare Prescription Drug Improvement and Modernization Act of 2003. (Medicare Prescription Drug Benefit)

Question 27

Social Security retirement funds are expected to remain sustainable in the coming decades. (Financial Status of the OASDI and Medicare Programs)

Question 28

In 2012,how much did an employee have to make to earn a credit for OASDI? (Qualifying for OASDI Benefits)

A)$1500
B)$2240
C)$1200
D)$1130

Question 29

In 2012,what was the average monthly disability benefit for all disabled workers? (Disability Benefit Amount Determination)

A)$540
B)$1,111
C)$2,245
D)$3,450

Question 30

Medicare Select plans are Medigap policies that present higher premiums. (Medigap Insurance)

Question 31

In 2012,approximately,what was the average monthly survivor benefit for a widowed and two children? (Survivor Benefit Amount Determination)

A)$1,500
B)$2,000
C)$2,500
D)$3,000

Question 32

Most states pay regular unemployment benefits for how long? (Unemployment Insurance Benefit Amounts)

A)13 weeks
B)16 weeks
C)26 weeks
D)28 weeks

Question 33

The original Medicare plan is a fee-for-service plan managed by the federal government. (Medicare)

Question 34

Which of the following statements is not true regarding individuals who possess Medicare coverage and simultaneously receive health insurance benefits from another health insurance plan? (Medicare as the Primary or Secondary Payer)

A)If the person has Medicare based on HYPERLINK "http://www.medicare.gov/Glossary/e.html" \l "esrd" End-Stage Renal Disease (ESRD), COBRA continuation coverage pays first
B)Generally, if the person's employer has less than 100 employees, Medicare pays first if he/she is under 65 or he/she has Medicare because of a disability
C)If the person or his/her spouse is retired and has COBRA continuation coverage, Medicare pays first
D)If the person is retired and has Medicare and group health plan coverage from his/her former employer, generally his/her group health plan (retiree) coverage pays first his/her health care bills and Medicare pays second

Question 35

In 2012,what was the annual monthly benefit for all retired workers? (Retirement Benefit Amount Determination)

A)$855
B)$1,000
C)$1,229
D)$1,754

Question 36

Effective 2012,what was the annual increase in Social Security benefits? (Automatic Cost-of-Living Adjustments)

A)1%
B)3.6%
C)7.2%
D)9%

Question 37

Medicare Part B covers the services not included under Medicare Past
A.(Medicare Part B Coverage)

Question 38

OASDI taxes are subject to a taxable wage base.What was the taxable wage base for everyone in 2012? (OASDI Programs)

A)$80,100
B)$110,100
C)$120,100
D)$140,100

Question 39

Which Medicare program provides beneficiaries the opportunity to receive health care from a variety of options? (Medicare Part C: Medicare Advantage)

A)Medicare Advantage
B)Medigap
C)Medicare Part C
D)Medicare Select

Question 40

Only restricted groups of workers are eligible for OASDI and Medicare protection. (OASDI and Medicare)

Question 41

Briefly discuss the eligibility criteria for unemployment insurance benefits? (Eligibility Criteria for Unemployment Insurance Benefits)

Question 42

What is donut hole? Explain. (Medicare Prescription Drug Benefit)

Question 43

Briefly discuss Medicare Part A coverage. (Medicare Part A Coverage)

Question 44

Which of the following are not covered by Medicare Part B? (Medicare Part B Coverage)

A)Outpatient care
B)Hospitalization
C)Laboratory services
D)Health screenings

Question 45

What is the amount of contribution employer and employees must make to the Medicare tax which supports Medicare Part A? (Medicare Programs)

A)1.45%
B)50%
C)3%
D)4%