#1
Which of the following is NOT a type of health insurance plan?
IRA
ExplanationIRA is a retirement account, not a health insurance plan.
#2
What is the purpose of a health insurance deductible?
To set the amount you must pay out-of-pocket before insurance coverage begins
ExplanationDeductible sets the out-of-pocket amount before coverage starts.
#3
Which of the following is NOT typically covered by health insurance?
Cosmetic surgery
ExplanationCosmetic surgery is typically not covered by health insurance.
#4
What does COBRA stand for in the context of health insurance?
Consolidated Omnibus Budget Reconciliation Act
ExplanationCOBRA stands for Consolidated Omnibus Budget Reconciliation Act.
#5
Which of the following is a characteristic of a high-deductible health plan (HDHP)?
Has a higher deductible compared to traditional plans
ExplanationHDHPs have higher deductibles compared to traditional plans.
#6
What is a health maintenance organization (HMO) known for?
Requiring referrals to see specialists
ExplanationHMOs are known for requiring referrals to see specialists.
#7
What does the term 'premium' refer to in health insurance?
The monthly fee paid to an insurance company for coverage
ExplanationPremium refers to the monthly fee paid for insurance coverage.
#8
Which of the following is a feature of a flexible spending account (FSA)?
It allows you to set aside pre-tax dollars to pay for eligible healthcare expenses
ExplanationFSA lets you use pre-tax dollars for eligible healthcare expenses.
#9
What is a health insurance grace period?
The period following the due date for premium payment during which coverage continues
ExplanationGrace period is the time after the due date for premium payment.