Health Insurance Basics

We pay for medical services by:

• using insurance, cash, or credit/debit cards

• only with checks

• by bartering goods

• with cryptocurrency only

Who are typically involved in the partnership regarding healthcare costs?

• Patients, providers, and insurance companies

• Only patients

• Only providers

• Only insurance companies

Fill in the blank: A contract in which an individual pays a monthly or annual fee (premium) in exchange for financial protection against unexpected medical costs is called ________.

• Insurance

• Loan

• Mortgage

• Lease

Fill in the blank: The regular, fixed amount a person pays to an insurance company, usually monthly, to keep their insurance coverage active is called ________.

• Premium

• Deductible

• Copayment

• Claim

Fill in the blank: The amount of money a patient must pay out-of-pocket for covered medical services before their insurance plan begins to pay is called ________.

• Deductible

• Premium

• Copayment

• Coinsurance

Fill in the blank: A fixed amount a patient pays for a covered healthcare service after they have paid their deductible is called ________.

• Co-payment (Co-pay)

• Premium

• Out-of-pocket maximum

• Coinsurance

Fill in the blank: The process of converting healthcare diagnoses, procedures, and services into universal alphanumeric codes, which is how providers bill insurance companies, is called ________.

• Medical Coding

• Medical Transcription

• Medical Auditing

• Medical Billing

What is a premium in health insurance?

• The amount you pay for care before insurance starts paying

• The 'entry fee' for your health insurance plan

• The amount your insurance pays for your care

• The cost of your medication

How does a premium work in health insurance?

• You pay it only when you use medical services

• You pay this amount every month, regardless of whether you use medical services. It keeps your coverage active.

• You pay it once a year

• You pay it only for emergency services

What is a deductible in health insurance?

• The amount you pay for your gym membership

• The amount you must pay for care before your insurance starts paying

• The monthly fee for your insurance

• The cost of your medication