Exam 9: Insuring Your Health

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -After passage of the Affordable Care Act,many HMOs [allow | do not allow] out-of-network coverage.

The medicare coinsurance payment is usually 20%.

Bob and Barbara Castle are each 39 years old and have sought your advice with regard to their financial affairs.Bob is a school administrator making $75,000 per year and Barbara is not employed outside of the home.The Castles' net worth is approximately $190,000.They have three kids ages,6,10,& 14.You have determined that the Castles currently have adequate life,health,auto,and homeowner's insurance.Which of the following forms of insurance is likely to fulfill their highest priority risk management need?

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -About [20 | 50] million Americans lack health insurance.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Most commonly,the deductible in a health insurance policy is on [an annual | a per incident] basis.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -[Medicare | Workers' compensation] pays for medical expenses that are the result of on-the-job injuries and illnesses.

A managed care plan is a healthcare plan that emphasizes cost control and preventative treatment.

Supplementary Medical Insurance is a voluntary participatory program,commonly known as Medicare Part B.

Major medical plans are characterized by deductibles,internal limits,and

Which of the following statements is true about a guaranteed renewable long-term care policy?

Jackie pays $20 every time she visits her doctor.She is covered by a(n)

Workers compensation may trigger coverage in a disability income policy.

Medicare Advantage policies require payment from the policyholder in the form of a deductible.

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?

Which of the following programs is a public assistance program that provides health insurance benefits only to those who are unable to pay for healthcare?

Disability income benefits under social security will be paid as long as you cannot perform the duties of the job you were holding when the disability began.

Most people do not need protection against

Disability occurs only when someone is completely incapable of returning to work.

Major medical plans will usually cover the cost of nursing home care.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Long-term health care [does | does not] have a deductible.