Healthcare Coverage Options Quiz

Medicaid is a government-sponsored healthcare program for low-income individuals and families.

Workers' compensation insurance covers medical expenses and lost wages for employees injured on the job.

The Centers for Medicare & Medicaid Services (CMS) administers the Medicare program.

A co-payment is a fixed amount paid by the insured for covered services at the time of receiving care.

HMO plans typically require members to select a primary care physician who manages their healthcare and provides referrals to specialists.

COBRA allows individuals to continue their health insurance coverage after leaving a job, typically at their own expense.

Out-of-network care is not typically covered by HMO plans; they usually require using in-network providers.

HSAs allow individuals to save money for medical expenses on a pre-tax basis.

HMOs typically have lower out-of-pocket costs but limit choice of providers to a network, whereas PPOs offer more flexibility at higher costs.

Occupation is typically not a factor that directly affects health insurance premiums.

The ACA aims to increase access to health insurance, improve quality, and reduce costs for individuals and families.

FSAs allow individuals to set aside pre-tax dollars to pay for qualified medical expenses not covered by insurance.

HDHPs typically offer lower premiums but higher out-of-pocket costs compared to traditional health plans.

The network refers to the providers and facilities that have agreements with an insurance company to provide services at negotiated rates.

Medicare Part D provides prescription drug coverage for Medicare beneficiaries.

In 2023, the maximum annual contribution limit for an individual to an HSA is $5,000.