Health Insurance and Healthcare Financing Quiz

Test your knowledge on health insurance with these 17 questions covering plans, financing, and government programs.

Practice Learn Test

What is the main function of health insurance?

To prevent illness

To provide financial protection against medical expenses

To replace healthy lifestyle choices

To control healthcare costs

Which of the following is NOT a type of health insurance plan?

HMO

PPO

BPO

EPO

What is the role of a health insurance broker?

To provide medical treatment

To manage healthcare facilities

To sell health insurance plans and help individuals and businesses choose the right coverage

To regulate healthcare providers

What is the purpose of Medicaid?

To provide health insurance for low-income individuals and families

To provide health insurance for military veterans

To provide health insurance for seniors

To provide health insurance for federal employees

What is the purpose of the Children's Health Insurance Program (CHIP)?

To provide health insurance for low-income children and pregnant women

To provide health insurance for college students

To provide health insurance for retirees

To provide health insurance for individuals with disabilities

What does 'Deductible' refer to in health insurance?

The maximum amount an insurer will pay in a year

The amount you pay out of pocket for covered services before your insurance starts to pay

The percentage of costs you pay after you've met your deductible

The cost of prescription drugs

Which of the following is NOT a source of healthcare financing?

Government funds

Private health insurance

Voluntary donations

Public transportation fees

What is 'Out-of-pocket maximum' in health insurance?

The maximum amount an insurer will pay in a year

The amount you pay out of pocket for covered services before your insurance starts to pay

The total amount you owe for covered services before your insurance starts to pay

The most you have to pay for covered services in a plan year

Which of the following statements about Medicaid is FALSE?

Medicaid is a federal and state program that provides health coverage to low-income individuals

Medicaid covers long-term care services for the elderly

Medicaid eligibility requirements are uniform across all states

Medicaid covers pregnant women and children

#10

What is the Affordable Care Act (ACA) also known as?

Medicare

Medicaid

Obamacare

CHIP

#11

Which of the following is a characteristic of a High-Deductible Health Plan (HDHP)?

Low deductible and high premiums

High deductible and low premiums

No deductible and low premiums

No premium, only deductible

#12

What is 'Co-payment' in health insurance?

The total amount you owe for covered services before your insurance starts to pay

The percentage of costs you pay after you've met your deductible

A fixed amount you pay for a covered healthcare service, usually when you receive the service

The amount an insurer will pay in a year

#13

What is the main difference between coinsurance and copayments?

Coinsurance is a fixed amount you pay for a covered healthcare service, while copayment is a percentage of costs you pay after meeting your deductible

Coinsurance is a percentage of costs you pay after meeting your deductible, while copayment is a fixed amount you pay for a covered healthcare service

Coinsurance is the total amount you owe for covered services before your insurance starts to pay, while copayment is the most you have to pay for covered services in a plan year

Coinsurance is the maximum amount an insurer will pay in a year, while copayment is the amount you pay out of pocket for covered services before your insurance starts to pay

#14

Which of the following is NOT a factor affecting health insurance premiums?

Age

Gender

Occupation

Marital status

#15

What is the purpose of Health Savings Accounts (HSAs)?

To provide low-income families with insurance coverage

To encourage individuals to save for medical expenses

To offer free medical services to the public

To regulate healthcare costs

#16

Which of the following statements about COBRA is true?

COBRA stands for Consolidated Omnibus Budget Reconciliation Act

COBRA only applies to large corporations

COBRA provides health insurance coverage to retirees

COBRA allows individuals to keep their employer-sponsored health insurance temporarily after leaving a job

#17

What is a Health Reimbursement Arrangement (HRA)?

A savings account for medical expenses, usually linked with a high-deductible health plan

A type of health insurance plan provided by the government

An arrangement where an employer reimburses employees for qualified medical expenses

A type of managed care organization that provides healthcare services to individuals