The Medicare True-False Quiz: Test Your Knowledge
Medicare Test Your Knowledge
Health care costs are one of the biggest concerns for retirees. For most American retirees, Medicare is their primary health care plan. Medicare is complicated, and understanding it is crucial to making smart decisions to help control health care costs. Unfortunately, research shows that many people don't. For instance, a report from The American College of Financial Services showed that only roughly 25% of those ages 60 to 75 could pass a retirement income literacy quiz that included a number of questions about Medicare.
The lack of literacy in retirement income planning in the United Sates indicates that many people are unable to make informed decisions about their own retirement and Medicare. Test your own Medicare literacy with this 10-question quiz.
Written by Jamie Hopkins, a professor at The American College and Director of the New York Life Center for Retirement Income. Hopkins is a well-recognized writer, speaker and thought leader in the area of retirement income planning. His most recent book, "Rewirement: Rewiring The Way You Think About Retirement," details the behavioral finance issues that hold people back from a more financially secure retirement.
Take the 10 Question Quiz below below, don't try and figure out Medicare on your own. Call the team at Golden Years Design Benefits for help and support. 732 526 7659
If you are retired and receiving Social Security benefits, you will automatically get Medicare Part A and B when you turn 65. True or False
Sally, age 65, is employed with a company with 10 other employees and is covered under her employer’s health plan. She likes her health insurance, and she decides to stick with it because there are no adverse consequences if she does not enroll in Medicare.
Medicare Part B helps cover the cost of prescription drugs.
One reason to purchase Medigap (Medicare Supplement Insurance) is to provide coverage for dental expenses.
True or False
All Medicare Part D plans are required to cover the same prescription drugs. True or False
Medicare Part B premiums can vary depending on your income. True or False
Medicare only covers stays in nursing homes in very limited situations. True or False
One reason to choose Original Medicare over a Medicare Advantage plan is that with Original Medicare you can go to any doctor who accepts Medicare.
Health Savings Accounts (HSAs) can be used to help pay for Medicare premiums and other Medicare costs, such as your deductible and coinsurance. True or False
True or False
Each year during the Open Enrollment period a Medicare beneficiary can change Medicare Part D plans.
True or False