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1.
What is the risk of buying a Medigap policy after the open enrollment period for it has ended?
The insurance company is allowed to charge you more if you have health problems. This is why it is best to buy during open enrollment.
2.
Which part of Medicare is funded by tax revenue?
Part A. Part A, which covers inpatient care, is funded by a 2.9% payroll tax. The others are funded primarily by Medicare enrollees themselves.
3.
Medigap policies help pay Medicare coinsurance, copayments, deductibles, and a portion of basic living expenses.
False. These policies help pay coinsurance, copayments, and deductibles, but not living expenses.
4.
Once you're on Medicare, it will pay for all of your medical expenses.
False. There are still significant out-of-pocket expenses you must meet yourself, such as premiums, deductibles, co-payments, and dental, hearing, and vision care.
5.
Medicare Part C is known as Medicare Advantage, and is an alternative means of delivering the care and services provided by Medicare Parts A and B.
True. Medicare Advantage provides coverage through Medicare-approved private insurance companies.