Understanding Health Insurance Plans

What is the typical period for open enrollment for health care plans?

• November 1st to January 15th

• October 1st to December 31st

• December 1st to February 15th

• September 1st to November 30th

Which type of health plan requires you to start with a primary care physician?

• HMO

• FSA

• HDHP

• PPO

What does 'PPO' stand for?

• Preferred Provider Organization

• Primary Provider Organization

• Personal Provider Organization

• Prepaid Provider Option

What is a deductible in health insurance terms?

• The amount paid before the insurance covers costs

• The fixed fee paid per doctor visit

• The total cost of insurance per year

• The amount covered fully by insurance

What is the main advantage of an FSA?

• Pre-tax contributions for medical expenses

• Roll over of unused funds

• Investment options for funds

• Use it or lose it flexibility

Which account is specifically available with high deductible health plans?

• HSA

• FSA

• PPO

• IRA

What is the primary benefit of an HSA?

• Funds expire annually

• Limited to employer contributions

• Tax advantages and investment options

• Only covers prescription medications

How can one estimate their upcoming medical expenses?

• Calculating based on past expenses

• Guessing the likely illnesses

• Considering recurring and potential big-ticket costs

• Asking a medical professional for an estimate

What should be considered when choosing a health care plan?

• The popularity of the plan among friends

• Color of the health card

• Number of pages in the policy document

• Premiums, deductibles, and out-of-pocket maximums

What does the out-of-pocket maximum signify?

• The limit on the insurance company's coverage

• The minimum deductible to be paid

• The maximum amount you will spend on health care excluding premiums

• The total premium cost for the year