Play Types of Insurance

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

These factors affect your monthly car insurance premium (choose all that apply).

• Your driving record.

• Your age and driving experience

• The number of cars on your policy.

• Your car's make, model, and year.

Which plan would result in higher monthly payments but potentially lower costs for a hospital stay?

• Plan 1, because it has a higher monthly premium but covers more hospital expenses

• Plan 2, since it has lower monthly premiums but higher out-of-pocket costs

• Plan 1, since it offers comprehensive coverage with higher premiums

• Plan 2, because it is designed for minimal coverage with lower premiums

What is Health Insurance?

• A contract that provides financial assistance for family loss

• A contract that provides financial protection

• A contract that protects car accidents

• A contract that protects from medical visits or surgical procedures

Type of insurance needed to pay for damage to your car if you hit a deer is

• Comprehensive

• Collision

• Premium

• Deductible

^Wants

• Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances

• Expenses that equal all the fixed and variable expenses added together

• Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

• Income from all possible sources

If the government makes me produce 70 T-Shirts, what economic system is this?

• Market

• Command

• Mixed

• Traditional

What type of Insurance am I? I give you choice to choose between in-network and out-of-network providers but I can be expensive.....

• PPO

• HMO

• EPO

• POS

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.