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Questions and Answers
Questions and Answers
What should you consider when choosing a health insurance plan?
What should you consider when choosing a health insurance plan?
- The type of job you have
- The age of your children
- The number of hospitals in your area
- Your current health status (correct)
If you have a known health issue, what type of plan should you consider?
If you have a known health issue, what type of plan should you consider?
- A plan with a higher deductible and lower premium
- A plan with a low copayment
- A plan with a high out-of-pocket limit
- A plan with a lower deductible and higher premium (correct)
What is not automatically covered in a health insurance plan?
What is not automatically covered in a health insurance plan?
- Spouses
- Prescription medication
- Pre-existing conditions
- Children (correct)
What is the relationship between premium and out-of-pocket expenses?
What is the relationship between premium and out-of-pocket expenses?
What is the purpose of the deductible in a health insurance plan?
What is the purpose of the deductible in a health insurance plan?
What happens after you reach the out-of-pocket limit in a health insurance plan?
What happens after you reach the out-of-pocket limit in a health insurance plan?
What is the main purpose of supplemental health insurance?
What is the main purpose of supplemental health insurance?
What is the primary purpose of a copayment in a health insurance plan?
What is the primary purpose of a copayment in a health insurance plan?
What type of supplemental insurance helps cover out-of-pocket expenses?
What type of supplemental insurance helps cover out-of-pocket expenses?
What is an example of a supplemental insurance policy that pays a lump sum in the event of a serious illness?
What is an example of a supplemental insurance policy that pays a lump sum in the event of a serious illness?
What is the maximum amount you would need to pay for covered health care services in a year?
What is the maximum amount you would need to pay for covered health care services in a year?
What factor should be considered when picking a health insurance plan, aside from the cost?
What factor should be considered when picking a health insurance plan, aside from the cost?
What is the purpose of dental supplemental insurance?
What is the purpose of dental supplemental insurance?
What is not a type of supplemental insurance mentioned in the text?
What is not a type of supplemental insurance mentioned in the text?
What is the percentage of the cost that you pay for covered services in a health insurance plan?
What is the percentage of the cost that you pay for covered services in a health insurance plan?
What is the fixed amount you pay for a specific service or prescription medication in a health insurance plan?
What is the fixed amount you pay for a specific service or prescription medication in a health insurance plan?
What does not count towards your maximum out-of-pocket amount in a health insurance plan?
What does not count towards your maximum out-of-pocket amount in a health insurance plan?
Questions and Answers
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Study Notes
Study Notes
Health Insurance Costs
- A health insurance plan's cost includes the deductible and part of the medical bills.
- Copayment is a fixed amount paid for a specific service or prescription medication.
- Copayments are one of the ways health insurers split costs with the policyholder after the deductible is hit.
- Copayments may also be required for specific services before reaching the deductible.
- The policyholder will pay copayments until they reach the maximum out-of-pocket amount.
Coinsurance and Out-of-Pocket
- Coinsurance is a percentage of the cost that the policyholder pays for covered services.
- Coinsurance is typically a percentage of the cost, e.g., 20% of the cost of covered services until the out-of-pocket maximum is reached.
- Maximum out-of-pocket is the most a policyholder will have to pay for covered health care services in a year.
- Payments made towards the deductible, copayments, and coinsurance payments go towards the out-of-pocket limit.
Picking a Health Insurance Plan
- Factors to consider when picking a plan include more than just cost.
- Not all plans cover all doctors, so it's essential to check if a doctor is part of the plan.
- The policyholder should ensure their preferred doctor is part of the plan.
Supplemental Insurance
- Health insurance may not always cover every aspect, and supplemental insurance can be helpful.
- Supplemental insurance policies can be bought in addition to a health insurance plan.
- Examples of supplemental insurance policies include dental, vision, GAP, and critical illness insurance.
Health Insurance Plan Options
- There are different health insurance plan options to choose from, depending on individual needs.
- A policyholder with no known medical issues may opt for a lower premium payment with a higher deductible and copay option.
- A policyholder with a known health issue may want to search for a lower deductible.
What's Covered with Health Insurance
- Health insurance doesn't cover everything.
- There are four ways health insurance companies might share costs with the policyholder: deductible, copayment, coinsurance, and out-of-pocket limit.
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