Health Insurance Policy Features Quiz

Health insurance policies often include coverage for pre-existing conditions to ensure that individuals with prior health issues can still access necessary care.

A co-payment is a predetermined amount that an insured individual is required to pay for covered services, typically due at the time of service.

Health insurance policies generally do not cover elective cosmetic surgeries, as they are considered optional and not medically necessary.

While factors such as age, location, and tobacco use are typically considered in determining health insurance premiums, marital status is not typically a factor.

Standard health insurance policies typically do not cover elective cosmetic surgery, as it is considered optional and not medically necessary.

Dental insurance typically does not cover cosmetic dental procedures, such as teeth whitening or veneers, as they are considered elective and not medically necessary.

The deductible is the amount of money that an insured person must pay out of pocket before the insurance company starts covering the costs.

The network refers to the group of doctors, hospitals, and other healthcare providers who have agreed to provide services to policyholders at pre-negotiated rates.

The grace period is a specified period after the due date of the premium during which the policy remains in force, even though the premium has not been paid.

Coinsurance is the percentage of the cost of a covered healthcare service that the insured is required to pay after the deductible has been met.

Pre-authorization is the process of obtaining approval from an insurance company before receiving certain medical services or procedures.

Coordination of benefits is the process by which insurers determine how benefits are coordinated when an individual is covered by more than one insurance plan.

HDHPs typically have lower monthly premiums but higher deductibles, meaning that individuals pay more out of pocket for medical expenses before the insurance coverage kicks in.

The out-of-pocket maximum is the most a policyholder will have to pay for covered services in a plan year, after which the insurance company pays 100% of covered services.

Underwriting is the process by which insurers evaluate the risk of insuring a person and decide how much to charge for coverage based on that risk.

The lifetime maximum is the maximum amount of money that an insurance company will pay for covered services for an insured individual over the course of their lifetime.

A guaranteed renewability provision in a health insurance policy ensures that the policyholder has the right to renew the policy, regardless of their health status or any claims they have made.

Catastrophic coverage in health insurance is designed to protect policyholders from extremely high medical expenses by providing coverage for major medical costs after a high deductible is met.