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13 Terms
What is a nonforfeiture benefit?
A cash or insurance benefit given when a policyholder stops paying premiums after the minimum required period.
Who qualifies for Medicare?
Age 65+, OR disabled for 2 years under Social Security, OR any age with End-Stage Renal Disease (ESRD).
What does Part A cover for medicare?
hospital ins (core benefits)
Do you pay for Part A medicare?
Usually no (automatically enrolled if eligible).
What does part B cover medicare?
medical ins
is there a prem for part B
yes - standard monthly prem
When can you enroll if you decline Part B initially?
General enrollment: January 1 – March 31.
what is medicare advantage?
Private insurance programs that expands Original Medicare benefits.
part C
What does Part C NOT cover?
Hospice care and some research-related care.
What must insurers do before selling Part C plans?
Submit certification application to CMS.
What does Part D cover?
Prescription drugs.
What happens if you delay enrolling in Part D?
1% penalty per month delayed.
What percentage does Medicare pay after deductible?
80% of approved expenses
