Which of the following statements about the financing of OASDI and Medicare is (are) true? I. There is a maximum taxable wage base for OASDI. II. There is a maximum taxable wage base for Part A of Medicare. A) I only B) II only C) both I and II D) neither I nor II […]
Date: September 19th, 2020
Which of the following statements about taxation of Social Security retirement benefits under federal law is (are) true? I. Social Security retirement benefits are never considered taxable income. II. Up to 85 percent of Social Security retirement benefits may be considered taxable income, depending on the amount of other income received by the beneficiary. A) […]
Date: September 19th, 2020
Which of the following would help to reduce the long-range OASDI actuarial deficit? A) increasing the payroll tax rate B) increasing benefits C) reducing the taxable wage base D) increasing the cost of living adjustment ANSWER Answer: A
Date: September 19th, 2020
Beth was injured at work and is eligible to receive workers compensation benefits. All of the following benefits are provided under workers compensation EXCEPT A) disability income. B) retirement benefits for dependents. C) rehabilitation benefits. D) medical care. ANSWER Answer: B
Date: September 19th, 2020
Under Part A of Medicare, how is reimbursement for inpatient hospital care determined? A) The amount billed to Medicare by the hospital is the amount Medicare pays. B) Eighty percent of the hospital’s regular charge for care is paid. C) The hospital’s usual, reasonable, and customary charge is paid. D) Hospital care is classified into […]
Date: September 19th, 2020
Under one type of Medicare Advantage Plan, members of the plan can see any doctor or health services provider that accepts Medicare patients. If members receive care outside the network of member physicians and care facilities, they must pay higher out-of-pocket costs. This type of Medicare Advantage Plan is a A) Medicare HMO. B) Medicare […]
Date: September 19th, 2020
The goal of profit maximization ignores the risk of financial decisions. Indicate whether the statement is true or false ANSWER TRUE
Date: September 19th, 2020
Which of the following statements concerning Medicare Prescription Drug Plans is (are) true? I. The monthly premium is based on the health status of the beneficiary and the number of prescriptions the beneficiary needs. II. After the beneficiary has paid an initial deductible, Medicare pays the entire cost of all prescription drugs the beneficiary needs. […]
Date: September 19th, 2020
Which of the following statements about unemployment insurance benefits is true? A) Benefits are a flat amount regardless of a worker’s previous wages. B) Because of federal legislation, the maximum benefit is the same in all states. C) Most states pay regular benefits for a maximum duration of 26 weeks. D) Under the extended benefits […]
Date: September 19th, 2020
Dale, age 65, was dismayed to learn about all of the deductibles, co-pays, limits, and exclusions in the Medicare program. Dale bought a type of health insurance specifically designed to supplement Medicare, and selected his coverage from among 10 standard policies that private insurers offer. What type of health insurance did Dale purchase? A) long-term […]
Date: September 19th, 2020
