#1
What is a deductible in health insurance?
The amount the policyholder must pay before the insurance coverage kicks in
ExplanationInitial out-of-pocket cost borne by the insured.
#2
What is the Affordable Care Act (ACA) also known as?
Obamacare
ExplanationLegislation expanding healthcare access.
#3
What is the purpose of a Health Maintenance Organization (HMO) in health insurance?
To focus on preventive care and manage overall health
ExplanationEmphasis on preventive healthcare services.
#4
In health insurance, what does 'co-payment' refer to?
A fixed amount the insured pays for a covered healthcare service
ExplanationSet fee paid by the insured for specific services.
#5
What is the 'coinsurance' in health insurance?
The percentage of costs of a covered healthcare service the insured must pay
ExplanationShared cost percentage between the insured and the insurer.
#6
What does the term 'out-of-pocket maximum' mean in health insurance?
The maximum amount the insured has to pay for covered services in a policy year
ExplanationLimit on total annual personal expenses.
#7
What is a Health Savings Account (HSA) commonly used for in the context of health insurance?
To pay for eligible medical expenses with pre-tax dollars
ExplanationTax-advantaged account for medical expenses.
#8
What is 'underwriting' in health insurance?
The process of determining the risk of insuring a particular individual
ExplanationEvaluation process to assess insurance risk.
#9
What does 'COBRA' stand for in the context of health insurance?
Consolidated Omnibus Budget Reconciliation Act
ExplanationLegislation enabling continued coverage.