PF: Chapter 9 Lesson 4 Health Insurance

What is the purpose of health insurance?

• To provide financial aid for college tuition

• To save money on prescription medications

• To attract good job candidates

• To cover medical expenses

Why is health insurance necessary even for young and healthy individuals?

• To attract good job candidates

• To avoid bankruptcy and foreclosure

• To prepare for medical emergencies

• To get a discount on medical services

Under the Affordable Care Act (ACA), until what age can a student stay on their parent's health insurance plan?

• 18 years old

• 21 years old

• 26 years old

• 30 years old

What are the two types of health insurance?

• Medicare and Medicaid

• Employer-sponsored health insurance and individual health insurance

• HMO and PPO

• Private health insurance and public health insurance

Where is the most affordable place to get private health insurance?

• Through Medicaid

• Through Medicare

• Through your employer

• Through the health insurance marketplace

What is the main difference between an HMO and a PPO?

• PPOs have lower premiums but more restrictions on provider access

• PPOs cover medical costs outside of their network

• HMOs have lower premiums but more provider access

• HMOs require a referral from a primary care physician for specialist care

What is a high-deductible health plan (HDHP) and what advantage does it offer?

• A plan that provides free preventive care

• A plan with low monthly premiums and higher out-of-pocket costs

• A plan that covers all medical costs without any deductibles

• A plan with high monthly premiums and lower out-of-pocket costs

What is the out-of-pocket maximum in a health insurance policy?

• The total amount of benefits allowed for a lifetime

• The total amount of benefits allowed from the insurance company

• The maximum amount of money you have to spend for covered services in a year

• The cap on specific benefits like organ transplants

What is the lifetime limit in a health insurance policy?

• The maximum amount of money you have to spend for covered services in a year

• The total amount of benefits allowed from the insurance company

• The cap on specific benefits like organ transplants

• The total amount of benefits allowed for a lifetime

Why is it important to have health insurance?

• To avoid bankruptcy and foreclosure

• To save money on prescription medications

• To prepare for medical emergencies

• To attract good job candidates