Test Your Medicare Knowledge

Medicare Knowledge Quiz


Do you understand what Medicare covers and when you can sign up? Take this quiz to see! If you don’t do so well, maybe it’s time to chat with one of our SFG Benefit Specialists. Call today to schedule an appointment (865) 777-0153.


Below are the explained answers of the quiz:


1. When can you first sign up for Medicare?: 3 months before age 65. The Medicare initial enrollment period begins three months before the month you turn age 65 and ends three months after age 65. It’s important to sign up during this seven-month initial enrollment period to avoid higher premiums for late enrollment.

2. What does Medicare Part A cover?: Hospital care. Medicare Part A is hospital insurance. Most people aren’t charged a premium for Medicare Part A. However, there is a $1,260 deductible for beneficiaries who are hospitalized.

3. What does Medicare Part B cover?: Doctor’s visits. Medicare Part B is medical insurance that covers doctor’s visits, outpatient care and some preventative services.

4. What is the standard Medicare Part B monthly premium for 2015?: $104.90. The standard premium for Medicare Part B medical insurance is $104.90 per month in 2015. Retirees with modified adjusted gross incomes above $85,000 for individuals and $170,000 for couples pay higher Part B premiums.

5. What is the cost-sharing requirement for most Medicare services?: 20%. The Medicare Part B deductible is $147 in 2015. Once retirees meet the deductible, they typically need to pay 20 percent of the Medicare negotiated cost for each service.

6. What does Medicare cover with no cost-sharing requirements?: Flu shots, bone mass measurements, and annual physicals. Medicare covers many preventative care services with no cost-sharing requirements, including a free annual wellness visit, flu shots, bone mass measurements and screening for a variety of other illnesses. However, if additional tests or treatments are undertaken during a preventative care visit, you might get a bill for services that are not covered at 100 percent.

7. What does Medicare NOT cover?: Eyeglasses, hearing aids, and long-term care. Medicare typically doesn’t pay for eyeglasses, hearing aids or dental care. Most significantly, Medicare won’t cover extended nursing home stays or most other types of long-term care.

8. What does Medicare Part D cover?: Prescription drugs. Medicare Part D, which was added to the program in 2003, provides prescription drug coverage. You can switch Medicare Part D plans during the open enrollment period from October 15 to

9. What can you purchase to supplement your original Medicare coverage?: A Medigap policy. Medigap policies are supplemental insurance plans that will pay for the copayments, coinsurance and deductibles of traditional Medicare and sometimes extra services in exchange for an additional premium. Medicare Advantage plans replace original Medicare with Medicare-approved private insurance. Only those with low incomes and limited resources can enroll in Medicaid.

10. What is the annual limit on out-of-pocket costs for Medicare beneficiaries?: There is no limit. There is no annual limit on Medicare’s out-of-pocket costs for beneficiaries. However, you can protect yourself from excessive costs by purchasing a Medigap policy and shopping around for a new Medicare Part D plan during the open enrollment period each year.


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