Health Insurance Quizziz

An insurance policy is a contract between the

• policyholder and the injured person.

• policyholder and the insurance company.

• driver and the government.

• consumer and the insurance agent.

A health insurance co-pay is

• an amount paid out of pocket before your insurance coverage begins.

• paid by the insurer.

• applied on an annual basis.

• a fixed amount of money you pay each time you use your plan.

If you do not have health insurance and you get seriously ill, you can possibly go into medical debt or bankruptcy.

• True

• False

Which is NOT true of HMOs?

• HMOs offer the cheapest health insurance option

• HMOs are the most restrictive. You can only choose in-network providers.

• HMO's require a referral from your Primary Care Physician.

• HMO's allow you to choose providers out-of-network

The amount an individual pays monthly, quarterly, semiannually, or annually to purchase different types of insurance is called:

• premium

• out-of-pocket expense

• deductible

• liability

The maximum amount of money a person will have to spend on medical expenses...beyond this amount, the insurance company agrees to cover all costs.

• minimum liability amount

• out-of-pocket max expenses

• out of network provider

• uninsured coverage limit

Let’s say that your health insurance plan has the following features:

     

Deductible:  $2,000      

Coinsurance:  80/20 (you pay the 20%, insurance company pays 80%)

Out-of-pocket Maximum:  $5000

Now, let’s say you go to the hospital and incur $10,000 worth of medical expenses.  How much do you pay out of pocket?

• $3,600.00

• $6,400.00

• $2,000.00

• $1,600.00

Let’s say that your health insurance plan has the following features:

Deductible: $3,000

Coinsurance:  80/20 (you pay the 20%, insurance company pays 80%)

Out-of-pocket Maximum:  $6,000

Now, let’s say you go to the hospital an incur $17,000 worth of medical expenses.  How much did the insurance have to pay?

• $5,800.00

• $11,200.00

• $3,000.00

• $2,800.00

Let’s say that your health insurance plan has the following features:

Deductible: $2,000

Coinsurance:  70/30 (you pay the 30%, insurance company pays 70%)

Out-of-pocket Maximum:  $7,000

Now, let’s say you go to the hospital an incur $18,000 worth of medical expenses. 

How much do you pay out of pocket?

Answer explanation

$6,800

Let’s say that your health insurance plan has the following features:

Deductible: $2,000

Coinsurance:  70/30 (you pay the 30%, insurance company pays 70%)

Out-of-pocket Maximum:  $7,000

Now, let’s say you go to the hospital an incur $18,000 worth of medical expenses. 

HOW MUCH DID THE INSURANCE PAY?

Answer explanation

$11,200.00