Understanding Health Care Coverage and Support Services Quiz

Social Security is a social insurance program primarily funded through payroll taxes to provide benefits such as retirement, disability, and survivorship.

Medicaid is a joint federal and state program that provides health coverage to low-income individuals and families, including pregnant women, children, and people with disabilities.

EOB is a statement that health insurance companies provide to their members explaining what medical treatments and/or services were paid for on their behalf.

A health insurance premium is the amount of money an individual or business must pay for an insurance policy, which provides financial protection against the costs of medical care and treatment.

A health insurance deductible is the amount an insured individual must pay for covered health care services before the insurance company begins to pay.

The Centers for Medicare & Medicaid Services (CMS) is the federal agency responsible for administering the Medicare program, as well as overseeing Medicaid and the Children's Health Insurance Program (CHIP).

Medicare Part A covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care services.

HMOs are health care organizations that provide or arrange managed care for health insurance, emphasizing prevention and requiring patients to select a primary care physician.

HSAs are tax-advantaged savings accounts that individuals can use to pay for qualified medical expenses incurred now or in the future.

A pre-existing condition refers to any illness or health condition that an individual has before applying for new health coverage.

A formulary is a list of prescription drugs covered by a prescription drug plan or another insurance plan, along with their tier placement and any restrictions or requirements.

PPOs are managed care organizations of medical doctors, hospitals, and other health care providers who have agreed to provide care at reduced rates to the insurer's clients. They often offer coverage for out-of-network services, albeit at a higher cost.

COBRA is a federal law that allows eligible employees and their dependents to continue health insurance coverage provided by their employer's group health plan after a qualifying event would otherwise result in a loss of coverage.

Copayment is a predetermined, fixed amount an insured individual pays for covered health care services, while coinsurance is a percentage of the total cost of covered services that an insured individual must pay.

The Affordable Care Act (ACA), also known as Obamacare, is a comprehensive health care reform law enacted to make health insurance more affordable, regulate health insurance marketplaces, and expand access to health care coverage.

CHIP is a federal-state partnership program that provides health coverage to children in families with incomes too high to qualify for Medicaid, but who can't afford private coverage.

HSAs are primarily used to save money for future medical expenses, offering a tax-free way to set aside funds for qualified medical costs.