Chapter 9 - Health and Disability Income Insurance

Georgia has a health insurance policy that includes a deductible of $500. If her total bill is $3,000, how much will her insurance pay? Hint: The amount the insurance company will pay = bill - deductible

$2,500

What is a typical copayment amount for individuals?

$20-40

Georgia is considering two health insurance policies. One includes a deductible of $600 and the other includes a coinsurance of 20%. If a bill is $4,000, how much will she be required to pay under the policy with the coinsurance? Hint: her amount due = bill x 20%

$800

Which of the following about individual health insurance policies is NOT correct?

All insurance companies that offer this type of policy are required to charge the same rates.

Which of the following is correct about your health plan's summary plan description?

All of these are correct.

Nancy is studying the health insurance plan options offered by her employer. She wants a policy that will have the insurance pay a percentage of her medical expenses after she meets her deductible. She should review the:

Coinsurance

COBRA stands for

Consolidated Omnibus Budget Reconciliation Act

Jenny wants health insurance that sets the amount that she must pay toward medical expenses before the insurance starts paying benefits. She is concerned about a:

Deductible

Miguel is concerned that the health insurance option he is considering plays upon unrealistic fears. He is most concerned about a:

Dread disease policy

Under the Patient Protection and Affordable Care Act of 2010, which of the following is NOT correct?

Employers must offer continuing coverage through COBRA for up to 24 months after you leave your job.

Long-term care insurance is used to pay for a stay in a nursing home but not for help at home. True or False

False

Which of the following is correct?

Health insurance plans may reimburse an individual for hospital stays, doctors' visits, and medications.

This health insurance provision sets specific levels of repayment for certain services.

Internal limits

The type of health insurance coverage that takes up where basic health insurance coverage leaves off is:

Major medical expense.

The type of health insurance coverage that may cover routine doctor visits, X-rays, and lab tests is:

Physician expense.

The Health Insurance Portability and Accountability Act of 1996:

Sets federal standards to ensure that workers do not lose their health insurance if they change jobs.

Fran is interested in purchasing a major medical policy that limits the total out-of-pocket amount that she will have to pay. She should consider a:

Stop-loss provision.

What is the primary purpose of medical expense insurance?

To pay actual medical costs for illness or injury.

If you are unemployed and cannot afford health insurance, then you may be eligible for an affordable health insurance plan through the Health Insurance Marketplace. True or False

True

Surgical expense insurance pays all or part of the surgeon's fees for an operation in a doctor's office. True or False

True