F.45 Social Security and Medicare planning Flashcards
Learners will develop proficiency in understanding Social Security and Medicare planning principles to effectively advise clients on optimizing retirement benefits and healthcare coverage. (10 cards)
The age at which an individual is eligible to receive full Social Security retirement benefits, based on their birth year (currently between 66 and 67).
Full Retirement Age
A reduction in Social Security benefits for individuals who claim benefits before FRA and continue working while earning above a set threshold.
Social Security Earnings Test
The monthly Social Security benefit an individual is entitled to at FRA, based on their highest 35 years of earnings.
Primary Insurance Amount
An increase in Social Security benefits for delaying retirement beyond FRA, up to age 70, resulting in higher monthly payments.
Delayed Retirement Credits
A Social Security benefit available to a spouse, equal to up to 50% of the worker’s PIA if claimed at FRA.
Spousal Benefit
A Social Security benefit provided to a deceased worker’s surviving spouse or dependent children, based on the worker’s earnings record.
Survivor Benefit
The hospital insurance portion of Medicare, covering inpatient hospital stays, skilled nursing facility care, hospice, and some home health care.
Medicare Part A
The medical insurance portion of Medicare, covering doctor visits, outpatient services, preventive care, and medically necessary services.
Medicare Part B
A private insurance alternative to Original Medicare (Parts A and B), often including additional benefits like vision and dental coverage.
Medicare Part C
A prescription drug plan offered through private insurers to provide Medicare beneficiaries with prescription drug coverage.
Medicare Part D
