Health Insurance Principles and Considerations Quiz
Test your knowledge of health insurance with questions on deductibles, co-pays, ACA, and more. Understand key concepts for better coverage decisions.
#1
What is a deductible in health insurance?
The total amount of money you must pay out-of-pocket before your insurance coverage begins
The amount of money your insurance provider pays for your medical expenses
The percentage of medical expenses you are responsible for after meeting your deductible
The monthly premium you pay for health insurance
#2
Which of the following is not typically covered by health insurance?
Routine check-ups and preventive care
Emergency medical treatment
Cosmetic surgery
Prescription medications
#3
What is the Affordable Care Act (ACA) also known as?
Medicaid
CHIP
Obamacare
Medicare
#4
What is a co-payment (co-pay) in health insurance?
A fixed amount you pay for a covered health care service
A percentage of the cost you pay for a covered service
The total amount of money you must pay out-of-pocket before your insurance coverage begins
The amount of money your insurance provider pays for your medical expenses
#5
What is coinsurance in health insurance?
A fixed amount you pay for a covered health care service
A percentage of the cost you pay for a covered service
The total amount of money you must pay out-of-pocket before your insurance coverage begins
The amount of money your insurance provider pays for your medical expenses
#6
What does COBRA stand for in the context of health insurance?
Consolidated Omnibus Budget Reconciliation Act
Comprehensive Oversight of Benefits and Reimbursements Act
Continuation of Benefits and Reimbursements Act
Consolidated Oversight of Benefits and Reimbursements Act
#7
What is the difference between HMO and PPO health insurance plans?
HMO plans typically require referrals to see specialists, while PPO plans do not
PPO plans typically have higher monthly premiums compared to HMO plans
HMO plans provide more flexibility in choosing healthcare providers compared to PPO plans
PPO plans have lower out-of-pocket costs for medical services compared to HMO plans
#8
What is the Health Savings Account (HSA) primarily used for?
To pay for qualified medical expenses with pre-tax dollars
To invest in stocks and bonds for retirement
To pay for non-medical expenses
To pay for medical expenses after retirement
#9
What is the purpose of a formulary in health insurance?
To provide a list of covered healthcare providers
To outline the process for appealing insurance claim denials
To list the medications covered by the insurance plan and their tier levels
To specify the maximum out-of-pocket expenses for the insured individual
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