Personal Finance - Chapter 11

A "good" health insurance plan pays at least ______ percent of out-of-hospital expenses once a yearly deductible for the individual and family have been met.

80

coinsurance

Coinsurance is the proportion of the charge the insured must pay after the deductible is met.

Identify ways in which you can personally reduce your health care costs.

Eat a balanced diet to keep weight under control rest avoid smoking

__________ compiles websites from nonprofits, federal and local websites, and many other sources to present a complete health resources website.

Healthfinder

-term care insurance provides day-in day-out care for extended illness or disability.

Long

What program was designed to provide medical assistance to low-income individuals and families?

Medicaid

______________ was designed to provide medical assistance to groups or categories of persons who are eligible to receive payments under one of the cash assistance programs.

Medicaid

_______________ insurance makes up the difference between Medicare payments and medical costs not covered by providing supplemental insurance that can be purchased.

Medigap or MedSup

deductible

The deductible is the total amount you must pay for your health care costs.

The Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1986 requires employers to offer employees and dependents, who would otherwise lose group health insurance, the option to continue their group health coverage for:

a certain amount of time.

What might a person who is uninsured experience during times of illness and injury?

a financial burden

A good health insurance provides which of the following?

a provision so the policyholder will pay no more than $6,000 out of pocket a year at least $1 million lifetime maximum for each family member

Health insurance is one way people protect themselves against economic losses due to:

accident disability illness

Key provisions in the Patient Protection and Affordable Care Act of 2010 include:

banning companies from dropping people when they get sick providing tax credits for small businesses to make employee coverage affordable prohibiting lifetime caps on coverage

Which of the following is not a reason for the high and rising cost of health care?

built-in deflation of the health care system

In order to contain health care costs, physicians are encouraging consumers to pay with _______________ for routine medical care and lab services.

cash or debit

A provision under which the insured pays a flat dollar amount each time a covered medical service is received is called:

copayment

The Patient Protection and Affordable Care Act bans insurance companies from __________ coverage when they get sick. Multiple choice question.

dropping people from

The federal Consolidated Omnibus Budget Reconciliation Act of 1986 requires many employers to offer group health benefits to:

employees and dependents who would normally lose group health insurance.

True or false: Administration costs for health care in the United States are less than in nations such as Canada and Mexico.

false

Administrative costs in the United States are much higher than those in other nations due to activities such as:

filing reimbursement claims paying health insurance premiums checking eligibility enrolling beneficiaries in a health plan

Which of the following activities have been undertaken by health care professionals and consumers to keep the overall cost of health care down?

getting involved in community health planning offering incentives to encourage preventive care initiating community health education programs

By exercising, not smoking, getting rest, and driving carefully, individuals can greatly reduce their _________

health care costs

Which type of insurance pays part or all of hospital bills for room, board, and other charges?

hospital expense insurance

The added use of technology, use of prescription drugs, life expectancy of the elderly, and accidents and crimes all lead to __________ health care costs.

increased

A(n) ________________ policy provides specified benefits regardless of whether the actual expenses are greater or less than the benefits.

indemnity

Which type of insurance is the fastest growing type of insurance today?

long-term care

Health insurance provides ____________ to alleviate the financial burden individuals suffer from illness or injury.

protection

A(n) ____________ policy provides benefits based on the actual expense.

reimbursement

Which policy provides benefits based on the actual expense incurred?

reimbursement

True or false: Health insurance is one way people protect themselves against economic losses due to illness, accident, or disability.

true

True or false: Healthfinder includes links to more than 1,600 websites operated by government and nonprofit organizations.

true