Healthcare Coverage and Insurance Systems Quiz

HMOs focus on managing and coordinating healthcare services for their members.

PPOs offer flexibility in choosing healthcare providers and typically involve higher out-of-pocket costs.

Deductibles help share the cost burden between the insured individual and the insurer.

Medicare primarily serves the elderly population and also covers certain disabilities.

Premiums are regular payments made by the insured to maintain coverage and cover the cost of insurance.

Networks include healthcare providers who have agreements with the insurer to provide services at reduced rates.

HMOs focus on cost control and require members to select a primary care physician, while PPOs offer more provider choice at a higher cost.

Catastrophic health insurance provides protection against high medical costs resulting from severe illnesses or injuries.

Pre-existing condition exclusions are provisions that restrict coverage for medical conditions present before the start of a new insurance policy.

Co-payments are predetermined amounts paid by the insured at the time of receiving medical services.

The ACA aims to make healthcare more accessible, affordable, and of higher quality for Americans.

The 'donut hole' refers to a phase in Medicare Part D coverage where the insured pays more for prescription drugs until catastrophic coverage kicks in.

Long-term care insurance provides coverage for services not typically covered by health insurance, such as nursing home care and in-home assistance.

The grace period is a window of time after a premium payment due date during which coverage continues despite non-payment.

Medicaid provides healthcare coverage to low-income individuals and families who meet specific eligibility criteria.

HSAs allow individuals to set aside funds for medical expenses and enjoy tax benefits, particularly for qualified medical expenses.