Question 1

Formulary is defined as:

Accepted Answer

A list of medications covered within the benefit plan, developed solely by CMS.

Answer

A list of medications covered within the benefit plan, developed in collaboration with other insurance companies.

Answer

A list of ingredients that make the medication.

Answer

A list of medications covered within the benefit plan, based on CMS guidelines, and developed in collaboration with physicians and pharmacists.

Question 2

What is the 2023 Medicare Part A deductible?

Accepted Answer

$1,600

Answer

$1,490

Answer

$226

Answer

$1,556

Question 3

Which of the following statements is true about election periods?

Accepted Answer

MA Open Enrollment Period can only be used by a consumer already enrolled in an MA Plan.

Answer

Annual Election Period can only be used by a consumer already enrolled in an MA Plan.

Answer

5-Star SEP can only be used by a consumer already enrolled in an MA Plan.

Answer

Initial Election Period can only be used by a consumer already enrolled in a Medicare Advantage (MA) Plan.

Question 4

When a consumer asks why an MA Plan has a 2-star rating, the agent should tell the consumer what?

Accepted Answer

That the plan has received a "Below Average" rating.

Answer

That the Plan isn’t very popular in the market as measured by membership and retention rates.

Answer

That is the plan's performance from the prior year and, therefore, may not accurately reflect a plan's current value.

Answer

It'll have a 5-star rating someday.

Question 5

Which of the following describes Permission to Contact (PTC) guidelines?

Accepted Answer

Contact can only be made by the method(s) requested by the consumer and the agent can only market the product(s) indicated by the consumer.

Answer

PTC is only needed if you're going to enroll.

Answer

The agent must obtain PTC no later than the start of a marketing appointment and can only discuss the products agreed upon by the consumer.

Answer

PTC expires the Dec. 31 of each year regardless of when it was obtained.

Question 6

ow long can someone go without creditable Part D coverage before receiving an LEP?

Accepted Answer

63 days

Answer

60 days

Answer

62 days

Answer

90 days

Question 7

What kind of financial assistance does a consumer receive who qualifies for Low Income Subsidy?

Accepted Answer

Lower or no monthly plan premiums and lower or no copayments

Answer

A refund based on a predetermined percentage of Part D costs

Answer

A combination of subsidies and annual refund checks

Answer

$0 copay for all covered medical services.

Question 8

Which of the following is true about Medicare Supplement Insurance underwriting criteria in states where underwriting applies?

Accepted Answer

A list of medications covered within the benefit plan, developed solely by CMS.

Answer

A list of medications covered within the benefit plan, based on CMS guidelines, and developed in collaboration with doctors and pharmacies.

Answer

A list of medications covered within the benefit plan, developed in collaboration with other insurance companies.

Answer

A list of ingredients that make the medication.

Question 9

Which is the best team in all of the land?

Accepted Answer

Wolf Pack

Answer

Team Hanger

Answer

Miami Heat

Answer

Nuggets

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