Exam 9: Insuring Your Health

Disability income policies usually have ____ that is a time delay from the date of the issuance of the policy until benefit privileges are activated.

Tommy and Amanda Perez are a dual-earner couple with a young son,Bobby.Tommy and Amanda each receive health care coverage for themselves from their respective employers.Their employers pay the premiums for the workers,and coverage for dependents is available if the worker pays the premium cost.They are trying to decide which policy to cover Bobby under for the upcoming year.The following is a brief description of their policies and projected medical expenses for Bobby. Bobby is a healthy 8-year-old who is accident prone.Based on his past medical records,Tommy and Amanda expect the following covered medical costs for the year: 6 trips to the doctor--average cost of $75 per trip 2 trips to the emergency clinic--average cost of $300 per trip 1 broken bone--average cost of in-hospital surgery $1,250 12 prescriptions--average cost of $45 per prescription What would the combined cost of premiums plus out-of-pocket medical costs be for Bobby under Tommy's HMO? What would the combined cost of premiums plus out-of-pocket medical cost be for Bobby under Amanda's major medical plan?

Given a $250 annual deductible,a $5,000 lid on the coinsurance,80/20 coinsurance,and a $250,000 policy limit,how much of a $27,500 medical bill will be paid by the insured?

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Most commonly,the deductible in a health insurance policy is on [an annual | a per incident] basis.

All Americans are required to have or buy health insurance beginning in 2014 or pay a penalty.

Some surgical expense insurance pays a specific amount for a list of various types of surgery.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Hospital insurance would pay the costs for room and board and [the use of an operating room | the fee charged by the surgeon].

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Medicare Advantage policies require payment from the policyholder in the form of [deductibles and coinsurance | copayments].

The Affordable Care Act's expenditures are to be financed by all of the following except

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -The U.S.spends about [17% | 24%] of our economic output on health care.

Insurers are required under the law to cover the children of those they insure up to the age of 21.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Most dental insurance is written through [group | individual] policies.

Which of the following best describes a "pre-existing condition"?

Increasing the stop loss provision is likely to lower the premium on a comprehensive major medical policy.

The insurance designed to help with nursing home or in-home care due to chronic illness is called

Your health insurance has an 80% co-insurance clause.Once the deductible is satisfied,your insurance company will pay 80% of your covered losses up to the stated limits.

Disability income insurance will provide income to a disabled or ill person

Living a healthy lifestyle is an example of loss prevention and control.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Disability income benefits are taxable when the policy premiums were paid by the [employer | employee].

Long-term care insurance provides protection against the cost of extended hospital stays.