Understanding Health Insurance Basics

What is the main purpose of health insurance?

• To provide discounts on gym memberships

• To help cover the cost of medical expenses

• To pay for groceries

• To increase taxes

Which law requires most Americans to have health insurance or pay a penalty?

• Social Security Act

• Affordable Care Act

• Medicare Act

• Medicaid Expansion Act

What is a deductible in health insurance?

• The amount the insurance company pays for your care

• The amount you pay out-of-pocket before insurance starts to pay

• The monthly payment for insurance

• The cost of prescription drugs

Which type of health insurance plan typically requires you to use a specific network of doctors and hospitals?

• Health Maintenance Organization (HMO)

• Preferred Provider Organization (PPO)

• Non HMO/Network policy

• Medicare

What is a co-pay?

• The total cost of your insurance premium

• A fixed amount you pay for a covered health service at the time you receive care

• The amount your employer pays for your insurance

• The cost of your deductible

Which government program provides health insurance primarily for people aged 65 and older?

• Medicaid

• Medicare

• Affordable Care Act

• Health Insurance Marketplace

What is the Health Insurance Marketplace?

• A place to buy groceries

• A government-run website to compare and purchase health insurance plans

• A hospital network

• A type of insurance policy

Which of the following is a benefit of having health insurance?

• Unlimited vacation days

• Protection from high medical costs

• Free housing

• Lower car insurance rates

What does the term "pre-existing condition" refer to in health insurance?

• A new illness you get after buying insurance

• A health problem you had before your insurance coverage began

• The cost of your premium

• The name of your doctor

Which program provides health insurance for low-income individuals and families?

• Medicare

• Medicaid

• HMO

• PPO