UNDERSTANDING INSURANCE

What is another name for the Affordable Care Act?

• Medicare

• Medicaid

• Private Insurance Bracket

• Obama Care

An annual fee, usually paid in monthly installments is called?

• DEDUCTIBLE

• CO-PAYMENT

• PREMIUM

• MEDICAL EXPENSURE

Insurance exists because of two basic concepts — risk and uncertainty.

• True

• False

Fee-for-service (FFS) reimbursement means that providers are paid for each service they provide

• True

• False

A list of doctors and hospitals that are connected to the health insurance plan is called?

• Insured Providers

• Provider Network

Co-payment or co-insurance is a set dollar amount the insured pays when receiving a service from a provider.

• True

• False

Which option is NOT a structure of care category that was mentioned in the presentation, but can be an option when picking insurance package?

• Outpatient

• Maternity

• Vision

• Pharmacy

Where was health insurance first originated?

• Europe

• Russia

• United States

• Canada

Bonus Question: What does Medicaid participants have to pay for coverage and/or medical visits?

• Co-payments of $15

• Fee-dependent on service

• Annual fee of $500

• Nothing!

Bonus Question: Consumers who know that they are at risk for needing services are more likely to choose a more comprehensive plan, why?

• Cost less

• Covers more