Understanding Health Insurance

When did health insurance begin in the United States, and what did it initially cover?

• Early 1900s, covering all medical needs

• Mid 1800s, covering only Railroad and Steamboat accidents

• Late 1800s, covering surgeries and childbirth

• Mid 1900s, covering basic medical needs

What is one of the main reasons people need health insurance?

• To avoid paying any medical bills

• To ensure access to luxury medical services

• To receive free gym memberships

• To protect against high costs of medical care when sick or injured

What is a premium in the context of health insurance?

• A government subsidy for health insurance

• A discount on medical bills

• A monthly fee paid to maintain health insurance coverage

• A one-time payment for a medical service

How does a deductible affect your health insurance costs?

• It is a penalty for not using insurance

• It is a discount on your premium

• It is a fee for each doctor's visit

• It is the amount you pay before insurance covers all costs

What happens when you reach your out-of-pocket maximum?

• You start paying more for medical services

• Insurance covers 100% of covered services

• You lose your insurance coverage

• Your premium increases

Who might pay for your health insurance if you are under 26?

• Your university

• The government

• Your employer

• Your parents' insurance plan

What is a key consideration when choosing a health insurance plan?

• The color of the insurance card

• The number of hospitals in your area

• The popularity of the insurance company

• Your lifestyle and family medical history

Why is it important to have money set aside even with a solid health insurance plan?

• To invest in stocks

• To pay for gym memberships

• To cover out-of-pocket costs

• To buy health supplements

What is one strategy for managing medical costs outside of insurance?

• Avoiding medical care

• Negotiating directly with medical providers

• Switching insurance plans frequently

• Only visiting doctors in emergencies

What should you do to ensure you choose the best health insurance plan?

• Select a plan based on advertisements

• Choose the plan with the lowest premium

• Research different companies and compare options

• Pick the first plan you find