Health Insurance

Question 1

Sue has an HSA and is planning to leave her current job for a new job. When she leaves her job, what will happen to her HSA?

Answer 1

It will continue because it is owned by Sue, not her employer

Question 2

At what age may an individual make withdrawals from an HSA for nonhealth purposes without being penalized?

Answer 2

65

Question 3

what method do insurers use to protect themselves against catastrophic losses

Answer 3

Reinsurance

Question 4

The affordable care act requires all us citizens and legal resident to have qualifying health care coverage. this is known as

Answer 4

The individual mandate

Question 5

The part of Medicare that helps pay for inpatient hospital care, inpatient care in a skilled nursing facility, home health care and hospice care, is known as

Answer 5

Part A

Question 6

In 1929, Baylor Hospital in Texas agreed to provide prepaid hospital care for some 1,500 teachers. This was the origin of what health insurance company? (Hint: it might help to think of the flag of Finland.)

Answer 6

Blue Cross

Question 7

Frequently associated with health insurance, what is the term that represents the amount of money paid by an insured individual before the payments from the insurance company kicks in?

Answer 7

Deductible

Question 8

In the insurance business, what is the name for a person whose job it is to analyze statistics to calculate risks and price premiums accordingly?

Answer 8

Actuary

Question 10

Designed to cover uninsured children in families with incomes that are modest but too high to qualify for Medicaid, what tasty sounding program administered by the HSS provides matching funds to states for health insurance to families with children?

Answer 10

CHIP (Children’s Health Insurance Program)

Question 11

Don’t say Dungeons and Dragons! Taking a severe fall by slipping on 12-sided dice might be covered under an AD&D insurance policy, which stands for Accidental WHAT & WHAT?

Answer 11

Death and Dismemberment

Question 12

More restrictive than a PPO in an EPO insurance plan, the E stands for WHAT?

Answer 12

Exclusive

Question 13

Because it is home to major offices of companies such as Aetna and Travelers, a city in what STATE is often nicknamed “Insurance Capital of the World”?

Answer 13

Connecticut

Question 14

What term applies to the amount you pay (usually monthly) to your insurance company for coverage?

Answer 14

Premium

Question 15

According to 2022 data, over 84 million Americans are covered by which government health insurance?

Answer 15

Medicaid

(Do not accept Medicare)

Question 16

Which term describes the cost-sharing arrangement where the person covered by a health insurance plan is responsible for a set amount of money for a medical test or procedure and their plan will cover the rest?

Answer 16

Copay

Question 17

What’s a formulary?

Answer 17

An insurance company’s list of covered drugs.