Test Your Medicare Knowledge

Answer the following True/False Questions:

 

Medigap (Medicare Supplement) and Medicare Advantage (aka Medicare Part C) plans are the same types of plans.

 

FALSE. Medigap (Medicare Supplement) Plans help to pay the difference between the Medicare allowable fee schedule and the amount Original Medicare pays (parts A and B). Medicare remains your primary insurer. With Medicare Advantage plans, Original Medicare is no longer your primary insurance. (More information provided in the booklet).

 

If I choose a Medicare Advantage Plan, I do not have to pay my Part B premium.

 

FALSE. Whether you choose a Medigap (Medicare Supplement) plan or a Medicare Advantage plan you are still responsible for the monthly Part B premium.

 

With a Medigap (Medicare Supplement) plan you should enroll in a stand-alone prescription plan.

 

TRUE. You're not required to enroll into a Medicare Part D Prescription Drug Plan. However, if you go without creditable prescription drug coverage for 63 or more days in a row, you may have to pay a late-enrollment penalty if you enroll into a Medicare Prescription Drug Plan or Medicare Advantage Prescription Drug plan later.

 

You can only change a Medigap (Medicare Supplement) plan during the Annual Enrollment Period (October 15- December 7).

 

FALSE. You can change a Medigap (Medicare Supplement) plan any time during the year, although you may be subject to underwriting by the carrier. The Annual Enrollment Period applies to Medicare Advantage and Part D Prescription plans.

 

All carriers charge the same prices for their Medigap (Medicare Supplement) plans.

 

FALSE. While all of the Medigap (Medicare Supplement) plans are regulated by the government and offer the same benefits, carriers are able to charge different prices for the exact same plans. Some carriers can charge over 30% more for the same exact plan!

 

The cost of the Part B premium may vary depending on income.

 

TRUE. While most people pay the standard premium amount for Part B, individuals who have a modified adjusted gross income (as reported on their tax return) that is above certain amounts may pay an extra amount for their Part B coverage each month.

 

If I am currently on my employer’s group insurance, I do not have to enroll in Medicare Part B.

 

IT DEPENDS ON YOUR SITUATION. One factor to consider is that even if you have health coverage through your employer or union, Medicare may help pay for some of the costs not covered by your group health plan. For example, enrolling in Medicare may be useful if you work for a small company (less than 20 employees) because Medicare could be the primary payer before your group health insurance. You may want to consult with your employer or union benefits administrator for specifics on how your health coverage and costs may compare with Medicare.

 

If you do decide to wait until your group coverage ends to enroll in Medicare Part A and/or Part B, you'll have an 8-month Special Enrollment Period to sign up for Medicare that starts once you stop working or your group coverage ends (whichever happens first). You can also enroll in Medicare at any time that you are still working and have employer-based coverage.

 

If you choose COBRA after you stop working, do not wait until your COBRA coverage ends to sign up for Medicare. If you delay enrolling in Medicare Part A and/or Part B after your Special Enrollment Period ends, you'll have to wait until the next General Enrollment Period (January 1 to March 31 every year) to enroll, and you may have to pay a late-enrollment penalty.

 

My initial enrollment period is six months after I turn 65.

 

FALSE. The initial enrollment period is three months prior to the month of your 65th birthday, the month of your 65th birthday and no later than three months after the month of your 65th birthday.

 

Medicare Part A is free.

 

IT DEPENDS ON YOUR SITUATION. Most people receive Part A premium-free because they or a spouse have had 10 or more years of Medicare-covered employment. People with less than 10 years of Medicare-covered employment can still get Part A but will have to pay a premium.

 

Medicare covers dentures.

 

FALSE. Original Medicare does not cover dentures. In general, Medicare does not cover any routine dental care, including cleanings or check-ups, and never pays for dentures. Some Medicare Advantage plans may offer limited dental, vision, hearing and gym benefits.

 

I am new to Medicare and enrolled in a Medicare Advantage plan. If I am not happy with this plan I can change it before the Annual Enrollment Period.

 

TRUE. You can disenroll from your Medicare Advantage Plan (during your initial enrollment period) at any time during the 12 months after your health plan coverage first started and go back to Original Medicare with or without joining a stand-alone Medicare Part D drug plan.

 

I can enroll in a Medicare Advantage or Medigap (Medicare Supplement) plan if I only have Medicare Part A.

 

FALSE. You must be enrolled in both Medicare Parts A and B in order to enroll in either a Medicare Advantage or a Medigap (Medicare Supplement Plan).

 

For Medicare Part D, Company A is charging $75 and Company B is charging $34 per month. Company A must be the better Part D Prescription.

 

FALSE. When choosing a part D plan, you must factor in monthly premiums, deductibles, and copays to compare your annual cost. Part D plans are best determined by doing an analysis based on your medications, dosages, frequency and preferred pharmacy. This can be done at medicare.gov or by using a trusted resource like our agency. Choosing the wrong Part D plan could cost you thousands of dollars!

 

As you can see by just the few questions above, there are many factors involving Medicare. You want to make sure you receive the best coverage based on your needs and budget. You need a trusted resource who is thoroughly educated in Medicare and who has exposure to multiple carriers of Medicare products in order to make the most educated and cost-effective decision for yourself. Remember, our services are FREE so please take advantage of our services to help you select the best Medicare plan for you!

 

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