Question 1

One of the newest types of health care insurance is ________ insurance,which provides coverage to those in a nursing home,assisted living facility,or at home.

Accepted Answer

long-term care

Question 2

The federal law that allows you to continue health insurance coverage through your former employer's plan for 18 months after you stop work is

Accepted Answer

A)  HIPAA. 
B)  COBRA. 
C)  Social Security. 
D)  Medicare. 
A)  HIPAA. 
B)  COBRA. 
C)  Social Security. 
D)  Medicare. B

Question 3

Use the following two columns of items to answer the matching questions below:
-HMO

Accepted Answer

A) a health care plan where individuals pay the provider and then seek reimbursement for expenses 
B) a prepaid health care plan using a limited number of health care providers 
C) a managed plan that allows a greater choice of health care providers 
A) a health care plan where individuals pay the provider and then seek reimbursement for expenses 
B) a prepaid health care plan using a limited number of health care providers 
C) a managed plan that allows a greater choice of health care providers B

Question 4

Technological advances are one of the things helping to keep the cost of health care from escalating further.

Accepted Answer

A) True 
 B)False

Question 5

Sources of disability income do not include

Accepted Answer

A)  federal disability insurance. 
B)  individual disability insurance. 
C)  employer disability insurance. 
D)  insurance from Social Security. 
A)  federal disability insurance. 
B)  individual disability insurance. 
C)  employer disability insurance. 
D)  insurance from Social Security.

Question 6

Regarding a flexible spending account,which of the following is not true?

Accepted Answer

A)  You may put a predetermined amount of your pre-tax salary in the account monthly. 
B)  The money may be used throughout the year to pay medical or dental expenses tax-free. 
C)  If you don't use the funds during the year, you lose them. 
D)  Your employer will match your funds dollar-for-dollar. 
A)  You may put a predetermined amount of your pre-tax salary in the account monthly. 
B)  The money may be used throughout the year to pay medical or dental expenses tax-free. 
C)  If you don't use the funds during the year, you lose them. 
D)  Your employer will match your funds dollar-for-dollar.

Question 7

Health insurance protects net worth by minimizing the chance that you will have to reduce savings or incur debt when you require medical attention.

Accepted Answer

A) True 
 B)False

Question 8

Based on the following information,how much disability insurance coverage per month would be required: ∙ Mortgage payment -$1,600/month
∙ Household insurance -$100/month
∙ Car insurance -$200/month
∙ Gas and oil -$90/month ($30 commuting to and from work)
∙ Food -$200/month ($70 represents lunch at work which would be reduced by half if the meals were prepared at home)
Employer disability insurance would provide $500/month and it is doubtful that anything would be received from either Social Security or worker's compensation.

Accepted Answer

A)  $1,525 
B)  $2,190 
C)  $1,495 
D)  $1,625 
A)  $1,525 
B)  $2,190 
C)  $1,495 
D)  $1,625

Question 9

Use the following two columns of items to answer the matching questions below:
-Medicaid

Accepted Answer

A) federal program that provides health care to those over 65 who qualify for Social Security benefits 
B) a government program providing health care for those with low incomes or in need of public assistance 
A) federal program that provides health care to those over 65 who qualify for Social Security benefits 
B) a government program providing health care for those with low incomes or in need of public assistance

Question 10

Since most workers have employer-sponsored disability coverage and are also eligible for Social Security and worker's compensation,there is very little demand or need for individual disability insurance.

Accepted Answer

A) True 
 B)False

Question 11

Hospitals,doctors,and patients have enough incentive to make the most economical use of health care services.

Accepted Answer

A) True 
 B)False

Question 12

In order to remain eligible for protection under HIPAA,a person must maintain continuous enrollment in a health care plan.

Accepted Answer

A) True 
 B)False

Question 13

Indemnity health care plans have

Accepted Answer

A)  more flexibility and choices than managed care plans. 
B)  lower costs than managed care plans. 
C)  fewer health care professionals to choose from compared to HMOs. 
D)  less bill-related paperwork than other plans. 
A)  more flexibility and choices than managed care plans. 
B)  lower costs than managed care plans. 
C)  fewer health care professionals to choose from compared to HMOs. 
D)  less bill-related paperwork than other plans.

Question 14

Having money deducted from your paycheck and put in a flexible spending account is one of the ways you can avoid paying taxes on the amount you spend for health care expenses.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is not a difference between health insurance and other types of insurance like home and auto?

Accepted Answer

A)  Health insurance covers specific medical bills beyond a deductible. 
B)  Health insurance helps protect your net worth. 
C)  Health insurance often includes and out-of-pocket maximum amount you will be required to pay in any year. 
D)  Health insurance does not include any liability coverage. 
A)  Health insurance covers specific medical bills beyond a deductible. 
B)  Health insurance helps protect your net worth. 
C)  Health insurance often includes and out-of-pocket maximum amount you will be required to pay in any year. 
D)  Health insurance does not include any liability coverage.

Question 16

Patients receive a(n)________ from the PPO that lists the total charges,the total amount owed to the provider,and the total amount billed to the patient.

Accepted Answer

A)  remittance advice 
B)  statement of charges 
C)  invoice 
D)  explanation of benefits 
A)  remittance advice 
B)  statement of charges 
C)  invoice 
D)  explanation of benefits

Question 17

Private health insurance plans contain hospital insurance,physician insurance,and surgical insurance.

Accepted Answer

A) True 
 B)False

Question 18

What would be the out-of-pocket cost to an individual whose health care policy includes a 20% co-pay for all long-term illnesses.The policy has a stop loss provision of $40,000.A current long-term illness has resulted in total expenses of $250,000.

Accepted Answer

A)  $8,000 
B)  $40,000 
C)  $50,000 
D)  $210,000 
A)  $8,000 
B)  $40,000 
C)  $50,000 
D)  $210,000

Question 19

The definition of disability can be defined as all of the following,except

Accepted Answer

A)  you are unable to perform the duties required of your occupation. 
B)  you cannot perform the duties of any job that fits your education and experience. 
C)  you are unable to perform the duties of your job due to a work-related injury. 
D)  you are unable to do your job for an initial period. 
A)  you are unable to perform the duties required of your occupation. 
B)  you cannot perform the duties of any job that fits your education and experience. 
C)  you are unable to perform the duties of your job due to a work-related injury. 
D)  you are unable to do your job for an initial period.

Question 20

Which of the following is usually not offered as part of a benefits package to employees?

Accepted Answer

A)  Auto insurance 
B)  Health insurance 
C)  Retirement benefits 
D)  Disability insurance 
A)  Auto insurance 
B)  Health insurance 
C)  Retirement benefits 
D)  Disability insurance

One of the newest types of health care insurance is ________ insurance,which provides coverage to those in a nursing home,assisted living facility,or at home.

The federal law that allows you to continue health insurance coverage through your former employer's plan for 18 months after you stop work is

Use the following two columns of items to answer the matching questions below: -HMO

Technological advances are one of the things helping to keep the cost of health care from escalating further.

Sources of disability income do not include

Regarding a flexible spending account,which of the following is not true?

Health insurance protects net worth by minimizing the chance that you will have to reduce savings or incur debt when you require medical attention.

Use the following two columns of items to answer the matching questions below: -Medicaid

Since most workers have employer-sponsored disability coverage and are also eligible for Social Security and worker's compensation,there is very little demand or need for individual disability insurance.

Hospitals,doctors,and patients have enough incentive to make the most economical use of health care services.

In order to remain eligible for protection under HIPAA,a person must maintain continuous enrollment in a health care plan.

Indemnity health care plans have

Having money deducted from your paycheck and put in a flexible spending account is one of the ways you can avoid paying taxes on the amount you spend for health care expenses.

Which of the following is not a difference between health insurance and other types of insurance like home and auto?

Patients receive a(n)________ from the PPO that lists the total charges,the total amount owed to the provider,and the total amount billed to the patient.

Private health insurance plans contain hospital insurance,physician insurance,and surgical insurance.

What would be the out-of-pocket cost to an individual whose health care policy includes a 20% co-pay for all long-term illnesses.The policy has a stop loss provision of $40,000.A current long-term illness has resulted in total expenses of $250,000.

The definition of disability can be defined as all of the following,except

Which of the following is usually not offered as part of a benefits package to employees?

Overview of a Financial Plan

Planning With Personal Financial Statements

Applying Time Value Concepts

Using Tax Concepts for Planning

Banking and Interest Rates

Managing Your Money

Assessing and Securing Your Credit

Managing Your Credit

Personal Loans

Purchasing and Financing a Home

Auto and Homeowners Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Asset Allocation

Retirement Planning

Estate Planning

Integrating the Components of a Financial Plan

Filters

Exam 12: Health and Disability Insurance

One of the newest types of health care insurance is ________ insurance,which provides coverage to those in a nursing home,assisted living facility,or at home.

The federal law that allows you to continue health insurance coverage through your former employer's plan for 18 months after you stop work is

Use the following two columns of items to answer the matching questions below: -HMO

Technological advances are one of the things helping to keep the cost of health care from escalating further.

Sources of disability income do not include

Regarding a flexible spending account,which of the following is not true?

Health insurance protects net worth by minimizing the chance that you will have to reduce savings or incur debt when you require medical attention.

Use the following two columns of items to answer the matching questions below: -Medicaid

Since most workers have employer-sponsored disability coverage and are also eligible for Social Security and worker's compensation,there is very little demand or need for individual disability insurance.

Hospitals,doctors,and patients have enough incentive to make the most economical use of health care services.

In order to remain eligible for protection under HIPAA,a person must maintain continuous enrollment in a health care plan.

Indemnity health care plans have

Having money deducted from your paycheck and put in a flexible spending account is one of the ways you can avoid paying taxes on the amount you spend for health care expenses.

Which of the following is not a difference between health insurance and other types of insurance like home and auto?

Patients receive a(n)________ from the PPO that lists the total charges,the total amount owed to the provider,and the total amount billed to the patient.

Private health insurance plans contain hospital insurance,physician insurance,and surgical insurance.

What would be the out-of-pocket cost to an individual whose health care policy includes a 20% co-pay for all long-term illnesses.The policy has a stop loss provision of $40,000.A current long-term illness has resulted in total expenses of $250,000.

The definition of disability can be defined as all of the following,except

Which of the following is usually not offered as part of a benefits package to employees?

Overview of a Financial Plan

Planning With Personal Financial Statements

Applying Time Value Concepts

Using Tax Concepts for Planning

Banking and Interest Rates

Managing Your Money

Assessing and Securing Your Credit

Managing Your Credit

Personal Loans

Purchasing and Financing a Home

Auto and Homeowners Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Asset Allocation

Retirement Planning

Estate Planning

Integrating the Components of a Financial Plan

Filters