#1
What is the main function of health insurance?
To provide financial protection against medical expenses
ExplanationFinancial protection against medical costs.
#2
Which of the following is NOT a type of health insurance plan?
BPO
ExplanationBPO is not a type of health insurance plan.
#3
What is the role of a health insurance broker?
To sell health insurance plans and help individuals and businesses choose the right coverage
ExplanationTo sell plans and aid in coverage selection.
#4
What is the purpose of Medicaid?
To provide health insurance for low-income individuals and families
ExplanationInsurance provision for low-income groups.
#5
What is the purpose of the Children's Health Insurance Program (CHIP)?
To provide health insurance for low-income children and pregnant women
ExplanationInsurance provision for low-income children and pregnant women.
#6
What does 'Deductible' refer to in health insurance?
The amount you pay out of pocket for covered services before your insurance starts to pay
ExplanationAmount paid before insurance coverage kicks in.
#7
Which of the following is NOT a source of healthcare financing?
Public transportation fees
ExplanationPublic transportation fees are not healthcare financing sources.
#8
What is 'Out-of-pocket maximum' in health insurance?
The most you have to pay for covered services in a plan year
ExplanationMaximum amount paid for covered services in a year.
#9
Which of the following statements about Medicaid is FALSE?
Medicaid eligibility requirements are uniform across all states
ExplanationUniformity of Medicaid eligibility requirements is false.
#10
What is the Affordable Care Act (ACA) also known as?
Obamacare
ExplanationACA is commonly referred to as Obamacare.
#11
Which of the following is a characteristic of a High-Deductible Health Plan (HDHP)?
High deductible and low premiums
ExplanationHigh deductible, low premium plan.
#12
What is 'Co-payment' in health insurance?
A fixed amount you pay for a covered healthcare service, usually when you receive the service
ExplanationFixed amount paid for covered healthcare services.
#13
What is the main difference between coinsurance and copayments?
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
ExplanationCoinsurance is percentage-based, copayment is fixed.
#14
Which of the following is NOT a factor affecting health insurance premiums?
Marital status
ExplanationMarital status does not affect health insurance premiums.
#15
What is the purpose of Health Savings Accounts (HSAs)?
To encourage individuals to save for medical expenses
ExplanationEncouragement of medical expense savings.
#16
Which of the following statements about COBRA is true?
COBRA allows individuals to keep their employer-sponsored health insurance temporarily after leaving a job
ExplanationCOBRA permits temporary continuation of employer-sponsored insurance.
#17
What is a Health Reimbursement Arrangement (HRA)?
An arrangement where an employer reimburses employees for qualified medical expenses
ExplanationEmployer reimbursement for medical expenses.