Important Message: Although we did our best to make these detailed quiz answers easy to understand, we recognize that after reading them you may still be confused or even overwhelmed. If it makes you feel any better, you’re not alone. We invite you to speak with one of our licensed Medicare Advocates and get the education everyone turning 65 should have.
Senior Healthcare Advisors is a leading resource throughout the country for Medicare knowledge and guidance. Our mission is to educate seniors about their options and empower them to make the Medicare choices that are right for them.
Call us at (888) 357 5020 or Click Here to set up your free consultation for a time that’s best for you. It’s free and best of all you’ll gain the knowledge that will inspire you to make the Medicare choices that are right for you!
And now, here are the detailed answers to the quiz …..
How Much Do You Really Know About Medicare?
Question 1
How many people turn 65 every day in the U.S.?
Answer – 10,000
According to the Social Security Administration roughly 10,000 baby boomers turn 65 every day in the United States. In fact, this is expected to continue for the next 13 years until the year 2030.
Question 2
How long does Open Enrollment last?
Answer - 7 months
When you are approaching age 65 you have an initial Open Enrollment period of 7 months which includes three months before your birthday month, your birthday month and the three months that follow your birthday month.
Question 3
What does Medicare “Part A” help to cover?
Answer – Hospital Costs
In general, after you pay a deductible of $1,340 (for 2018), Medicare Part A helps to cover inpatient hospital care for a period of 1 to 60 days.
If you are readmitted to the hospital one or more times after day 60, you will have to pay the $1,340 deductible one or more times and be subject to co-payments that range from $335 to $670 per day.
Simply put, a short stay in the hospital can cost thousands of dollars and an extended stay or being readmitted could result in unlimited out-of-pocket costs.
Question 4
What does Medicare “Part B” help to cover?
Answer – Doctor Visits and Diagnostic Tests
In general, after you pay a deductible of $183 (for 2018), Medicare Part B helps to cover doctor visits, inpatient or outpatient medical/surgical procedures, physical therapy and diagnostic tests.
Medicare Part B usually covers 80% of Medicare “approved amounts” for doctor and medical services.
After you pay your $183.00 deductible you have to pay 20% of all Medicare “approved amounts” and 100% of all excess charges with no limit to the out-of-pocket costs you are charged.
Excess charges are amounts charged that are over and above Medicare assigned rates. These “approved amounts” may seem reasonable to Medicare, but they are often considerably less than what doctors actually charge.
Simply put, the cost of a common surgical procedure such as a hip or knee replacement averages about $40,000. The out-of-pocket cost would be 20% or $8,000 plus all excess charges to the patient.
Question 5
With Medicare Part A – How much would you pay for a stay in the hospital?
Answer – All of the above
As discussed in the answer to Question 3, a short stay in the hospital can cost thousands of dollars and an extended stay or being readmitted could result in unlimited out-of-pocket costs.
Question 6
Medicare Advantage Plans – Allow you to go to any Doctor or Hospital that accepts Medicare
(True or False)
Answer – False
Medicare Advantage Plans are (HMO’s) or (PPO’s) and you must be treated by Doctors and Hospitals that are in the plan’s network.
Question 7
Medicare Advantage Plans – Have out-of-pocket costs of up to $6,700 per year
(True or False)
Answer – True
With a Medicare Advantage Plan you can pay up to $6,700 per year out-of-pocket, depending on how much you use the plan. Additionally, you pay 100% of all charges for medical services that are not covered under the plan.
Question 8
With a Medicare Advantage Plan
Answer – All of the above
Medicare Advantage Plans can provide more coverage than just having Medicare Parts A and B but some of the drawbacks are:
Question 9
Which type of Plan can cover all out-of-pocket expenses, excess charges and provide 100% coverage?
Answer – Medicare Supplement (Medigap) Plan
A Medicare Supplement Plan, also known as a Medigap Plan, is the only type of plan that can be used to fill gaps and cover all out-of-pocket costs incurred from Medicare Parts A and B.
Question 10
With a Medicare Supplement (Medigap) Plan
Answer – All of the above
As you’ve already learned, Medicare Parts A and B or Part C (also known as a Medicare Advantage Plan) can expose you to large deductibles, co pays and excess charges that in many cases can become financially crippling, depending on your health and the services you need.
Some of the benefits of having a Medicare Supplement Plan are:
Additionally, unlike a Medicare Advantage Plan, you are guaranteed renewable coverage, which means your plan can never be cancelled as long as your premiums are paid.
Do Your Homework!
Before you buy a plan make sure you speak to one of our licensed “independent” Insurance agents, rather than spending all of your time speaking to agents that represent just one specific Insurance Company.
Our agents will walk you through the various Plan Letters and pinpoint which one best suits your lifestyle and health needs. Additionally, they will help you set up your Part D prescription plan free of charge.
Just as important, our agents are appointed with a variety of top Insurance Companies which allows them to shop for the best available price for you and provide you with a 5 year forecast of rate increases posted by each carrier.
Get more information about Medicare Plans by calling (888) 357 5020 or Click Here to set up your free consultation.
Click Here to get your free guide to “The Basics of Medicare”
Senior Healthcare Advisors is a leading resource throughout the country for Medicare knowledge and guidance. Our mission is to educate seniors about their options and empower them to make the Medicare choices that are right for them.
Call us at (888) 357 5020 or Click Here to set up your free consultation for a time that’s best for you. It’s free and best of all you’ll gain the knowledge that will inspire you to make the Medicare choices that are right for you!
And now, here are the detailed answers to the quiz …..
How Much Do You Really Know About Medicare?
Question 1
How many people turn 65 every day in the U.S.?
- 5,000
- 10,000
- 20,000
Answer – 10,000
According to the Social Security Administration roughly 10,000 baby boomers turn 65 every day in the United States. In fact, this is expected to continue for the next 13 years until the year 2030.
Question 2
How long does Open Enrollment last?
- 3 Months
- 6 Months
- 7 Months
Answer - 7 months
When you are approaching age 65 you have an initial Open Enrollment period of 7 months which includes three months before your birthday month, your birthday month and the three months that follow your birthday month.
Question 3
What does Medicare “Part A” help to cover?
- Medical/Surgical Procedures
- Hospital Costs
- Doctor Visits and Diagnostic Tests
Answer – Hospital Costs
In general, after you pay a deductible of $1,340 (for 2018), Medicare Part A helps to cover inpatient hospital care for a period of 1 to 60 days.
If you are readmitted to the hospital one or more times after day 60, you will have to pay the $1,340 deductible one or more times and be subject to co-payments that range from $335 to $670 per day.
Simply put, a short stay in the hospital can cost thousands of dollars and an extended stay or being readmitted could result in unlimited out-of-pocket costs.
Question 4
What does Medicare “Part B” help to cover?
- Doctor Visits and Diagnostic Tests
- Hospital Costs
- Prescription Drug Costs
Answer – Doctor Visits and Diagnostic Tests
In general, after you pay a deductible of $183 (for 2018), Medicare Part B helps to cover doctor visits, inpatient or outpatient medical/surgical procedures, physical therapy and diagnostic tests.
Medicare Part B usually covers 80% of Medicare “approved amounts” for doctor and medical services.
After you pay your $183.00 deductible you have to pay 20% of all Medicare “approved amounts” and 100% of all excess charges with no limit to the out-of-pocket costs you are charged.
Excess charges are amounts charged that are over and above Medicare assigned rates. These “approved amounts” may seem reasonable to Medicare, but they are often considerably less than what doctors actually charge.
Simply put, the cost of a common surgical procedure such as a hip or knee replacement averages about $40,000. The out-of-pocket cost would be 20% or $8,000 plus all excess charges to the patient.
Question 5
With Medicare Part A – How much would you pay for a stay in the hospital?
- 1 to 60 days - $1,340 Deductible
- 61 to 90 days – Deductible and Co-payments up to $11,390
- 91 to 150 days - Deductible and Co-payments up to $51,590
- All of the above
Answer – All of the above
As discussed in the answer to Question 3, a short stay in the hospital can cost thousands of dollars and an extended stay or being readmitted could result in unlimited out-of-pocket costs.
Question 6
Medicare Advantage Plans – Allow you to go to any Doctor or Hospital that accepts Medicare
(True or False)
Answer – False
Medicare Advantage Plans are (HMO’s) or (PPO’s) and you must be treated by Doctors and Hospitals that are in the plan’s network.
Question 7
Medicare Advantage Plans – Have out-of-pocket costs of up to $6,700 per year
(True or False)
Answer – True
With a Medicare Advantage Plan you can pay up to $6,700 per year out-of-pocket, depending on how much you use the plan. Additionally, you pay 100% of all charges for medical services that are not covered under the plan.
Question 8
With a Medicare Advantage Plan
- You do not have 100% coverage
- You are restricted to a network of doctors and hospitals
- You are not guaranteed renewable coverage
- All of the above
Answer – All of the above
Medicare Advantage Plans can provide more coverage than just having Medicare Parts A and B but some of the drawbacks are:
- You do not have 100% coverage - There are co pays, deductibles and medical services that are not covered which can add up to more than $6,700 a year in out-of-pocket costs
- You are restricted to a network – In order to be covered you must be treated by doctors and hospitals that are in your plan’s network. Keep in mind that referrals are normally necessary and if you travel within the U.S. you may not be covered for certain medical services depending on your plan
- Your plan can be cancelled – Plans and Networks are subject to change every year, so you are not guaranteed renewable coverage
- Your plan decides what services are covered – Instead of you and your doctor deciding on which course of action is medically best for you, a Medicare Advantage Plan decides what tests and procedures are approved and essentially decides what’s best for you
Question 9
Which type of Plan can cover all out-of-pocket expenses, excess charges and provide 100% coverage?
- Medicare Advantage Plan
- Medicare Supplement (Medigap) Plan
- Critical Illness Plan
Answer – Medicare Supplement (Medigap) Plan
A Medicare Supplement Plan, also known as a Medigap Plan, is the only type of plan that can be used to fill gaps and cover all out-of-pocket costs incurred from Medicare Parts A and B.
Question 10
With a Medicare Supplement (Medigap) Plan
- You can completely protect yourself with 100% coverage
- There are no networks and referrals are not necessary
- You are guaranteed coverage with no medical underwriting
- All of the above
Answer – All of the above
As you’ve already learned, Medicare Parts A and B or Part C (also known as a Medicare Advantage Plan) can expose you to large deductibles, co pays and excess charges that in many cases can become financially crippling, depending on your health and the services you need.
Some of the benefits of having a Medicare Supplement Plan are:
- You can completely protect yourself with 100% coverage - A Medicare Supplement (Medigap) Plan can protect you from 100% of all costs or charges that you would normally have to pay out of your pocket with Medicare Parts A, B or C.
- There are no networks and referrals are not necessary – Unlike a Medicare Advantage Plan, a Medicare Supplement Plan has no networks and referrals are not necessary. You can be treated by any doctor or hospital that accepts Medicare patients anywhere in the U.S.
- You are guaranteed coverage – With a Medicare Supplement Plan you are guaranteed coverage with no medical underwriting during your initial Open Enrollment period. During this period, insurance companies cannot review your medical history to expose any pre-existing conditions in order to increase your premiums or deny you coverage altogether.
Additionally, unlike a Medicare Advantage Plan, you are guaranteed renewable coverage, which means your plan can never be cancelled as long as your premiums are paid.
- You and your doctor decide what is medically best for you – Unlike a Medicare Advantage Plan, where your plan decides what tests and procedures are covered, a Medicare Supplement Plan covers any and all tests and procedures so you and your doctor can decide what course of action is medically best for you. There are no pre-certification requirements for any services, procedures or supplies.
- Plans are standardized – Medicare Supplement Plans have standardized benefits across each Plan Letter. For example, a Medigap Plan F has the exact same benefits regardless of which state you live in or which insurance company you buy it from (exceptions are MA, MN and WI). So once you’ve decided on the Plan Letter that best suits your health care needs, the only decision left is to find the best price.
Do Your Homework!
Before you buy a plan make sure you speak to one of our licensed “independent” Insurance agents, rather than spending all of your time speaking to agents that represent just one specific Insurance Company.
Our agents will walk you through the various Plan Letters and pinpoint which one best suits your lifestyle and health needs. Additionally, they will help you set up your Part D prescription plan free of charge.
Just as important, our agents are appointed with a variety of top Insurance Companies which allows them to shop for the best available price for you and provide you with a 5 year forecast of rate increases posted by each carrier.
Get more information about Medicare Plans by calling (888) 357 5020 or Click Here to set up your free consultation.
Click Here to get your free guide to “The Basics of Medicare”