Lesson 11.3 - Finding a Health Insurance Plan

How do most Americans get health insurance?

• Through Medicare

• Through their employer

• Through Medicaid

• Through the Marketplace

Which of the following is a benefit of signing up for health insurance through your employer-sponsored plan?

• Premiums are often lower because your employer is paying part of the bill for you.

• You have a much wider range of plans you can choose from.

• If you need to use your plan for an ER visit, your employer will pay your deductible, copays, and out-of-pocket expenses.

• Doctors tend to treat patients better when they use employer-sponsored healthcare plans.

Which of the following is TRUE about healthcare marketplaces?

• Each state has its own healthcare marketplace.

• You can choose to use either the state or Federal healthcare marketplace, depending on which one offers you the better plans.

• Most states participate in the Federal healthcare marketplace; those that don't have their own marketplace.

• All Americans must get their insurance through the healthcare marketplace.

If you choose not to enroll in any healthcare plan, you...

• will have to pay a tax penalty enforced by the Federal government.

• will go without health insurance but be eligible for discounted care should you need it.

• may have to pay a tax penalty enforced by your state if there is a mandate to have health insurance.

• may be ineligible to shop for healthcare next year through a marketplace.

All of the following are typical services that will be included under a standard health insurance plan EXCEPT...

• Annual Physical Exams

• Ambulance and Emergency Room Services

• Immunizations

• Vision and Dental Care

Which statement about insurance for adults under the age of 26 is TRUE?

• Your parents MUST keep you on their insurance policy.

• If your employer offers health insurance, you will have to pay a fee to decline and stay on your parents' insurance policy.

• You must be living with your parents in order to stay on their insurance policy.

• You can stay on your parents' health insurance even if you're married.

When reading the fine print on a health benefits form, it's clear that...

• most insurance plans encourage the use of OUT-OF-NETWORK doctors by offering lower costs on most services they perform.

• most insurance plans encourage the use of IN-NETWORK doctors by offering lower costs on most services they perform.

• the costs for in-network and out-of-network doctors are the same for ALL services they offer.

• office visits, immunizations and annual physicals have the same costs for both in-network and out-of-network doctors.

Janet has an annual deductible of $1,500 and an out-of-pocket maximum of $3,500. What does this mean?

• Janet will have to pay $1,500 before her insurance company's coverage kicks in. She will not have to pay more than $3,500 in the year (excluding premiums).

• Janet will receive a $1,500 discount on any medical bills that are over $3,500.

• Janet will have to pay $3,500 before her insurance company's coverage kicks in. Afterwards, she is only responsible for an additional $1,500 (excluding premiums) and then her insurance covers the rest.

• Janet is responsible for paying up to $3,500 for the year (excluding premiums). If she reaches that amount, she will get $1,500 deducted from the amount she has paid in premiums.

Luisa just got her medical bills for a recent procedure she had done and the total amount she owes is way more than she can afford. Which of her friends provides the MOST sound financial advice?

• Albert: "Just ignore the bills for now. After a few months, they'll realize you can't afford to pay them back right now so they'll waive them."

• Christina: "If you can't afford to pay back the bills right now, use your credit cards to pay them off!"

• Sam: "You should apply for a loan so you can at least get the hospital bills taken care of."

• Amanda: "Check your bills to make sure all of the charges are accurate. If so, work out a payment plan to pay back the bills!"

Which of the following is a benefit of buying your own health insurance plan?

• The amount you pay in taxes may be lowered since you are purchasing your own plan.

• You have more flexibility in choosing a plan that is suited for you.

• You can re-enroll anytime you want during the year if you want to change plans.

• You are guaranteed a government subsidy that can make your monthly premium lower than an employer-sponsored plan premium.