Home Improvement and Health Insurance Vocab

A home equity loan is:

• a type of loan that allows you to use the equity you've built in your home as collateral to borrow money

• a type of loan that allows you to use the equity you've built in your car or automobile as collateral to borrow money

• a type of loan that can be granted to anyone interested in purchasing a home

• a type of loan that is given for traveling and other irregular expenses

What was one of the main effects of the Affordable Care Act?

• It increased the number of Americans who were able to access health insurance.

• It decreased the number of Americans who had access to health insurance.

• There was little to no effect on the number of Americans who had access to health insurance.

What does the word "premium" mean, in the context of health insurance?

• A premium is the amount you pay, usually on a monthly basis, to stay enrolled in a health insurance plan

• A premium is the amount you pay for VIP treatment.

• A premium is another word for your monthly mortgage payment.

• A premium is the amount you pay out-of-pocket for covered health care services before your insurance plan will begin to pay via copayment/copay.

If a provider is ​ ​ (a)   , then that provider has agreed to accept your health insurance plan. Generally when you use a service from this type of provider, it is less expensive.

• in-network
• out-of-network
• equitable

A ​ (a)   is a health insurance plan that requires a primary care provider (PCP) and often has fewer choices; the advantage of this type of health insurance plan is that the monthly premiums are lower.

• HMO (Health Maintenance Organization)
• PPO (Preferred Provider Organization)
• DFP (Deductible Freedom Plan)

Match the following

• the difference between what your home is currently worth and what you owe on your mortgage

• Copayment (or co-pay)

• the amount you pay out-of-pocket for covered health care services

• Equity

• an amount set by your health insurance plan after which your insurance company will pay 100% of cost

• Deductible

• providers that are not part of your health insurance plan; these are usually more expensive

• Out-of-pocket maximum

• an amount of money that you pay out-of-pocket for a service, visit, or medication; set by your plan

• Out-of-network providers

How do you build/increase equity in your home?

• By paying off your mortgage

• By paying off your home equity loan

• By paying off your the loan on your car or automobile

• By paying your monthly premium

A ​ (a)   is a health insurance plan that does not require a primary care provider (PCP) and there is generally more freedom to choose from different service providers. The main disadvantage of this type of plan is that it usually has more expensive monthly premiums.

• PPO (Preferred Provider Organization)
• HMO (Health Maintenance Organization)
• DFP (Deductible Freedom Plan)

If the family deductible on my health insurance plan is $800, how much do I need to pay out-of-pocket for covered health care services before I have "met my deductible"?

• $400 - insurance will pay for half of the set amount.

• $800 - the same amount that is set by your health insurance plan.

• $0 - you pay for monthly premiums, so you already meet your deductible.

• None of the above.