CFP Exam
Verified Exam Questions and Answers Latest update 2026/2027
Question:
1. Medicaid
Answer:
covers most health care costs, including hospital
and doctor bills and custodial care in a nursing
home. Medicaid is also required by law to pay
Medicare premiums, deductibles, and coinsurance
for Medicare-eligible Medicaid patients
provides coverage for long-term care (LTC)-in-
cluding nursing home care
Medicaid law includes a provision defining a look-
back period of 60 months for assets transferred to
others
Question:
2. Recall that Medicaid is a joint fed-
eral and state health insurance pro-
gram. Generally, the program is ad-
ministered by the states with finan-
cial assistance from the federal gov-
ernment.
Answer:
Inpatient hospital services Freestanding birth cen-
ter services Outpatient hospital services Home
health services Physician services Laboratory and
X-ray services Early and periodic screening, diag-
nostic, and treatment services (EPSDT) Certified pe-
diatric and family nurse practitioner services Family
Question:
3. If a taxpayer elects to itemize, unre-
imbursed qualified medical expenses
in excess of 7.5% of adjusted gross in-
come (AGI) can be claimed as an item-
ized deduction.
Answer:
planning services Nursing facility services Federally
,Question:
4. MAdatory benefits
Answer:
qualified health center services Nurse midwife ser-
vices Rural health clinic services Tobacco cessation
counseling for pregnant women Nonemergency
transportation to medical car
Question:
5.
tional Medicaid benefits that states may cover
if they choose: Clinic services Prescription drugs
Physical therapy Speech, hearing, and language
disorder services Respiratory care services Podia-
try services Occupational therapy services Optom-
etry services Dental services Health homes for en-
rollees with chronic conditions Targeted case man-
agement services Prosthetics Hospice services Eye-
glasses Other licensed practitioners' services Den-
tures Personal care
Answer:
Optional Medicaid Benefits The following are op-
Question:
6. Medicare has 4 main aprts
tient hospital care, posthospital extended care in
a skilled nursing facility, posthospital home health
services, and hospice care.
Answer:
1. Part A covers four main benefit areas: inpa-
Question:
2. Part B pays physicians and for other outpatient
treatment, certain preventive services, screening
tests, and home dialysis, as well as other services.
Answer:
, Question:
3. Part C (Medicare Advantage) provides four pro-
gram alternatives: Medicare HMO, PPO, private
fee-for-service, and Medicare special needs plans.
Medicare MSAs may also be available to supple-
ment the basic coverage.
Answer:
Question:
4. Part D provides prescription drug coverage.
Answer:
Question:
7.
Answer:
Question:
8. Medicare only offers limited cover-
age under Part A for expenses related
to long-term care (LTC). The insured
must first stay in a hospital for at least
three days and must also be expect-
ed to recover from the medical condi-
tion. Then, within 30 days, the individ-
ual must enter a Medicare-approved
nursing home. As long as the care
is provided at a skilled nursing level,
benefits may be available for up to 100
days. Skilled nursing care essentially
Verified Exam Questions and Answers Latest update 2026/2027
Question:
1. Medicaid
Answer:
covers most health care costs, including hospital
and doctor bills and custodial care in a nursing
home. Medicaid is also required by law to pay
Medicare premiums, deductibles, and coinsurance
for Medicare-eligible Medicaid patients
provides coverage for long-term care (LTC)-in-
cluding nursing home care
Medicaid law includes a provision defining a look-
back period of 60 months for assets transferred to
others
Question:
2. Recall that Medicaid is a joint fed-
eral and state health insurance pro-
gram. Generally, the program is ad-
ministered by the states with finan-
cial assistance from the federal gov-
ernment.
Answer:
Inpatient hospital services Freestanding birth cen-
ter services Outpatient hospital services Home
health services Physician services Laboratory and
X-ray services Early and periodic screening, diag-
nostic, and treatment services (EPSDT) Certified pe-
diatric and family nurse practitioner services Family
Question:
3. If a taxpayer elects to itemize, unre-
imbursed qualified medical expenses
in excess of 7.5% of adjusted gross in-
come (AGI) can be claimed as an item-
ized deduction.
Answer:
planning services Nursing facility services Federally
,Question:
4. MAdatory benefits
Answer:
qualified health center services Nurse midwife ser-
vices Rural health clinic services Tobacco cessation
counseling for pregnant women Nonemergency
transportation to medical car
Question:
5.
tional Medicaid benefits that states may cover
if they choose: Clinic services Prescription drugs
Physical therapy Speech, hearing, and language
disorder services Respiratory care services Podia-
try services Occupational therapy services Optom-
etry services Dental services Health homes for en-
rollees with chronic conditions Targeted case man-
agement services Prosthetics Hospice services Eye-
glasses Other licensed practitioners' services Den-
tures Personal care
Answer:
Optional Medicaid Benefits The following are op-
Question:
6. Medicare has 4 main aprts
tient hospital care, posthospital extended care in
a skilled nursing facility, posthospital home health
services, and hospice care.
Answer:
1. Part A covers four main benefit areas: inpa-
Question:
2. Part B pays physicians and for other outpatient
treatment, certain preventive services, screening
tests, and home dialysis, as well as other services.
Answer:
, Question:
3. Part C (Medicare Advantage) provides four pro-
gram alternatives: Medicare HMO, PPO, private
fee-for-service, and Medicare special needs plans.
Medicare MSAs may also be available to supple-
ment the basic coverage.
Answer:
Question:
4. Part D provides prescription drug coverage.
Answer:
Question:
7.
Answer:
Question:
8. Medicare only offers limited cover-
age under Part A for expenses related
to long-term care (LTC). The insured
must first stay in a hospital for at least
three days and must also be expect-
ed to recover from the medical condi-
tion. Then, within 30 days, the individ-
ual must enter a Medicare-approved
nursing home. As long as the care
is provided at a skilled nursing level,
benefits may be available for up to 100
days. Skilled nursing care essentially
