#1
What is the primary purpose of health insurance?
To provide financial protection against medical expenses
ExplanationFinancial safeguard against healthcare costs
#2
In the context of health insurance, what is a 'copayment'?
A fixed amount paid by the insured for each healthcare service or prescription
ExplanationFixed fee per healthcare service
#3
What is the role of a 'health savings account (HSA)' in the context of health insurance?
A savings account that can be used to pay for qualified medical expenses with tax advantages
ExplanationTax-advantaged account for medical expenses
#4
What is the purpose of 'pre-existing condition exclusions' in health insurance?
To limit coverage for conditions that existed before obtaining the insurance policy
ExplanationLimiting coverage for prior health issues
#5
What is 'COINSURANCE' in health insurance?
A percentage of medical expenses shared by the insured and the insurance company
ExplanationShared percentage of medical costs between insured and insurer
#6
What does 'premium' refer to in the context of health insurance?
The amount paid by the insured for coverage
ExplanationCost paid for insurance coverage
#7
What is the purpose of a 'deductible' in health insurance plans?
The portion of covered expenses paid by the insured before benefits kick in
ExplanationInitial amount paid by the insured before coverage starts
#8
What is the 'open enrollment period' in health insurance?
A period during which individuals can enroll in a health insurance plan or make changes to their existing coverage
ExplanationDesignated time for insurance enrollment or changes
#9
What does 'COBRA' stand for in the context of health insurance?
Consolidated Omnibus Budget Reconciliation Act
ExplanationLegislation providing continuation of coverage
#10
In health insurance terminology, what is 'underwriting'?
The process of determining eligibility and setting premium rates based on an individual's health status
ExplanationAssessing eligibility and setting premiums based on health
#11
Which government program provides health coverage for low-income individuals and families in the United States?
Medicaid
ExplanationCoverage for low-income groups
#12
What is the 'essential health benefits' requirement under the Affordable Care Act (ACA)?
A list of basic healthcare services that must be covered by health insurance plans
ExplanationMandatory coverage for fundamental healthcare services
#13
Which government program provides health insurance for individuals aged 65 and older in the United States?
Medicare
ExplanationHealth insurance for elderly
#14
What does 'long-term care insurance' typically cover?
Assistance with activities of daily living (ADLs) for an extended period
ExplanationCoverage for prolonged assistance in daily tasks
#15
Which of the following is not typically covered by long-term care insurance?
Routine dental check-ups
ExplanationExclusion of regular dental examinations
#16
What is the purpose of the Affordable Care Act (ACA) in the United States?
To expand Medicaid coverage
ExplanationEnhancing Medicaid accessibility
#17
What is the purpose of 'catastrophic health insurance'?
To provide coverage for major medical events with high out-of-pocket costs
ExplanationCoverage for significant medical expenses
#18
What is the waiting period in health insurance?
A period during which certain conditions are not covered after policy inception
ExplanationInitial period excluding coverage for specific conditions
#19
In long-term care insurance, what are 'activities of daily living (ADLs)'?
Basic self-care tasks essential for daily living
ExplanationFundamental tasks for daily living