Health Insurance Quiz

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.