Can You Tell What Is Fact Or Fiction About Medicare?
Medicare is a national health insurance program that covers millions of people and involves an even greater number of healthcare providers and services. Its size alone invites confusion and misinformation. Identify whether the following statements are fact or fiction.
Questions and Answers
- 1.
Those on Medicare are receiving only benefits they paid into while they were working.
- A.
Fact
- B.
Fiction
Correct Answer
B. FictionExplanation
Fiction. The Medicare system is a “real time” system. Remember the famous “lock box” analogy a former politician referred to a few years ago? Working Americans’ Medicare deductions are not saved in a vault somewhere for them to tap into when they turn 65. Instead, they receive their benefits from taxes paid by workers now premiums they pay for coverage, and other tax sources.Rate this question:
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- 2.
Medicare pays providers the same amount other private insurance carriers pay for services.
- A.
Fact
- B.
Fiction
Correct Answer
B. FictionExplanation
Fiction. In most cases, Medicare pays providers far less for services than private insurance companies pay. Unfortunately, this has caused some physicians to limit the number of Medicare patients they will see per weekRate this question:
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- 3.
Medicare is free health insurance for people 65 or older.
- A.
Fact
- B.
Fiction
Correct Answer
B. FictionExplanation
Fiction. Just like when you were working and your share of health insurance costs was being deducted from your paycheck, you will pay monthly premiums for parts of your Medicare coverage. If you or your spouse worked for 10 or more years, paying Medicare taxes, Part A is free. But Part B costs nearly $100 a month and will likely increase a bit over time. Additional plans, for example, Part D drug coverage, and the MA-PD plans all carry premiums that vary considerably.Rate this question:
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- 4.
Medicare doesn’t cover everything.
- A.
Fact
- B.
Fiction
Correct Answer
A. FactExplanation
Fact. Even if you are covered by Medicare Parts A, B, and D, plus Medigap, for example, you will still incur out-of-pocket costs when you receive a service or treatment that is not covered by the plan. Plus, Medicare doesn’t cover every health-related treatment or prescription medication.Rate this question:
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- 5.
Medicare Advantage is a supplement to Medicare.
- A.
Fact
- B.
Fiction
Correct Answer
B. FictionExplanation
Fiction. Medigap is a supplement to Medicare, not Medicare Advantage. Medicare Advantage is sometimes called Medicare C and is really a replacement for Original Medicare. Both Original Medicare and Medicare Advantage plans carry deductibles, copayments, and coinsurance—expenses beneficiaries must pay out-of-pocket.Rate this question:
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Current Version
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Mar 21, 2022Quiz Edited by
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Jan 03, 2013Quiz Created by
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