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Exam 18: Social Security

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Question 1

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The maximum family benefit is the maximum monthly amount that can be paid on a worker's earnings record.When the family reaches its maximum family benefit, the:

A) worker's benefit is reduced.
B) benefit of the survivor is stopped.
C) benefit of the dependent is stopped.
D) worker's benefit is stopped.
E) worker's benefit is not reduced.

F) A) and B)
G) A) and C)

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Question 2

Multiple Choice

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Which of the following statements is true about retirement income benefits, if a fully insured worker retires?

A) A divorce spouse of a retired worker is not entitled to monthly benefits.
B) A spouse of a retired worker is entitled to monthly benefits only if she is unemployed.
C) A divorce spouse of a retired worker is entitled to benefits if the marriage lasted at least five years.
D) A dependent child of a retired worker is entitled to benefits if he or she is under the age of eighteen.
E) A dependent great-grandchild of a retired worker is entitled to benefits if he is disabled, and the disability began after age twenty-two.

F) A) and E)
G) B) and C)

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Question 3

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Normal retirement age for the purposes of Social Security ranges from sixty-two to sixty-five.

A fully insured worker is entitled to receive reduced benefits for Social Security, if he retires at the age of sixty-two.

Regarding the privatization of Social Security program, a majority polled say that "making sure that people receive a better rate of return" is a higher priority than "making sure that people receive a decent, guaranteed monthly retirement benefit."

To be eligible to receive benefits, a worker must achieve insured status.This status is achieved if the Social Security beneficiary has at least six credits in the thirteen-quarter period ending with the quarter of death.Identify this insured status.

Which of the following services is provided by Medicare Part B?

The Social Security program is the foundation for health benefits for the retired population under the Medicare plans.Managed care medicine is included in _____ of the Medicare plan.

For an individual retiring past the normal retirement age, the final benefit amount is equal to what the PIA formula reveals.

This is an insurance program that is compulsory for nearly all Americans, eligibility criteria and benefits are specified by law, and financing is wholly or partially covered by the employer.Some examples of these insurance programs include workers' compensation and unemployment compensation, and Social Security.Identify these programs.

To be eligible to receive benefits, a worker must achieve insured status.A Social Security beneficiary acquires this status once forty credits of coverage are earned, or when the beneficiary has a minimum of six credits of coverage and, if greater, at least as many quarters of coverage as there are years elapsing after 1950, or after age twenty-one.Identify this insured status.

During the calculation of this factor, workers' earnings for prior years, up to the maximum Social Security wage base are adjusted to what they would have been if wage levels in earlier years had been the same as they are now.Identify this factor.

Which of the following is true about disability benefits in Social Security?

Medicare Part C or Medicare+Choice became known as _____ plans with the addition of prescription drug coverage through the Medicare Prescription Drug, Improvement, and Modernization Act of 2003.

To be eligible to receive benefits, a worker must achieve insured status._____ status is gained by the Social Security beneficiary having twenty credits in the ten years before disability begins.

In the last two decades, Social Security taxes have increased much faster than the general level of prices, but not as fast as the cost of health care.

Social insurance is also referred to as public assistance.

The bend points decrease as average wages in the economy increase.

The combination of Part C Medicare Advantage plans with Part D prescription drug benefits are known as Medicare Advantage Prescription Drug plans.

Define primary insurance amount and average indexed monthly earnings.