How much do you really know about Medicare?

Take this quick quiz and find out! (Answers are at the bottom of the page...don't peak!)

1. Medicare Part A helps cover doctors' services and outpatient hospital care.

True...or...False

2. You are eligible for Medicare Part A at age 65, even if your retirement age for other benefits (such as Social Security or Railroad Retirement) is higher.

True...or...False

3. Medicare supplement plans are also called Medigap plans.

True...or...False

4. Medicare Advantage plans are another type of Medicare supplement plans.

True...or...False

5. Medicare Part D benefits for prescription costs will be paid by Medicare.

True...or...False

Answers:

1. False. Part A covers many of the costs of inpatient hospital care. Part B helps cover doctor's services and outpatient hospital care.

2. True. Even if you have to wait until you're older than 65 to collect certain retirement benefits, you're eligible for Medicare Part A when you turn 65.

3. True. Medicare supplement plans are called Medigap plans because they help "fill the gap" by paying for deductibles that original Medicare Parts A and B would otherwise require you to pay out of pocket.

4. False. Medicare Advantage plans replace your Medicare Part A and B, not just supplement it. If you're enrolled in original Medicare (both Parts A and B) you have the option to chose a Medicare Advantage plan from a private insurer.

5. False. Medicare Part D will be managed by Medicare, but private companies that have contracted by Medicare will pay the benefits.

How did you do for your Medicare score?

• 5 right answers: You really know your stuff! Maybe you should be writing this website?
• 4 right answers: You're good but you need to brush up some more.
• 1 to 3 right answers: What you don't know will probably cost you money! Better study harder.