#1
What is a deductible in health insurance?
The amount you pay out of pocket before your insurance kicks in
ExplanationInitial out-of-pocket payment before insurance coverage begins
#2
What is a copayment in health insurance?
A fixed amount you pay for a covered service at the time of receiving it
ExplanationFixed payment for covered services at the time of service
#3
What is a premium in health insurance?
The monthly payment you make to keep your insurance coverage active
ExplanationRegular payment to maintain insurance coverage
#4
What is the purpose of a copayment in health insurance?
To require individuals to pay a fixed amount for a covered service
ExplanationMandated fixed payment for covered services
#5
What is a Health Savings Account (HSA)?
A savings account that allows individuals to contribute pre-tax dollars to pay for medical expenses
ExplanationTax-advantaged savings account for medical expenses
#6
What is a Health Maintenance Organization (HMO)?
A type of insurance plan that requires you to choose a primary care physician and get referrals to see specialists
ExplanationInsurance plan with primary care physician requirement and specialist referrals
#7
What is the difference between a Health Maintenance Organization (HMO) and a Preferred Provider Organization (PPO)?
HMOs typically have lower premiums but require referrals to see specialists, while PPOs offer more flexibility in choosing healthcare providers
ExplanationHMOs: lower premiums, specialist referrals; PPOs: flexible provider choice
#8
What is the purpose of a Health Reimbursement Arrangement (HRA)?
To reimburse employees for qualified medical expenses paid out of pocket
ExplanationReimbursement for employee out-of-pocket medical expenses
#9
What is a pre-existing condition in the context of health insurance?
A condition that existed before the individual's health insurance coverage began
ExplanationMedical condition predating insurance coverage
#10
What is the purpose of the Affordable Care Act (ACA) in the United States?
To expand access to affordable health insurance coverage and reduce the overall cost of healthcare
ExplanationObjective: increase healthcare access and affordability
#11
What is the main purpose of a catastrophic health insurance plan?
To provide coverage for serious illnesses and injuries with high medical costs
ExplanationCoverage for severe illnesses and high-cost injuries
#12
What is the purpose of medical underwriting in health insurance?
To determine the premium rates for health insurance policies based on an individual's risk factors
ExplanationAssessment of individual risk factors for premium calculation