Health Insurance

Question 1

FSA

Answer 1

flexible spending account

Question 2

copay

Answer 2

amount you need to pay every time you see the doctor

Question 3

co-insurance

Answer 3

amount of % you pay for a doctors visit

Question 4

deductable

Answer 4

amount you will pay before insurance starts to pay

Question 5

premium

Answer 5

monthly cost for having insurance

Question 6

RAND study key findings

Answer 6

1. people have better hypertension care when paid for
2. cost share access health care necessarily and non necessarily less often (reduced health care utilization across the board)
3. poor and chronically ill had worse outcomes for cost sharing groups

Question 7

FSA funded by

Answer 7

employer-owned but employee funded

Question 8

FSA contibution limits

Answer 8

2,600 as of 2017

Question 9

FSA covered expenses

Answer 9

IRS approved medical/vision/dental expenses for paticipants and qualified dependents

Question 10

FSA plan requirements

Answer 10

high deductible health plan not required

Question 11

FSA tax advantages

Answer 11

contributions are tax-free

Question 12

FSA rollover or grace period

Answer 12

rollover of $500 or an extra 2.5 months

Question 13

FSA investment

Answer 13

no investment option

Question 14

FSA protability

Answer 14

no portability

Question 15

HRA

Answer 15

health reimbursement arrangement

Question 16

HRA funded by

Answer 16

employer owned and funded

Question 17

HRA contribution limits

Answer 17

determined by employer

Question 18

HRA covered expenses

Answer 18

employer-approved expenses for employees and qualified dependents

Question 19

HRA plan requirement

Answer 19

high deductible health plan not required

Question 20

HRA tax advantages

Answer 20

contribution are tax-free for the employer

Question 21

HRA rollover or grace period

Answer 21

yes, if allowed by employer plan

Question 22

HRA investment

Answer 22

no investment option

Question 23

HRA portability

Answer 23

no portability

Question 24

HSA

Answer 24

health savings account

Question 25

HSA funded by

Answer 25

employee owned and funded (employers may also contribute)

Question 26

HSA contribution limits

Answer 26

in 2017: individual-3,400 or family-6,750

Question 27

HSA covered expenses

Answer 27

IRS-approved medical/vision/dental expenses for participant and qualified dependents

Question 28

HSA plan requirements

Answer 28

high deductible health plan required

Question 29

HSA tax advantages

Answer 29

• contributions are tax free
• withdrawals for qualified medical expenses are tax-free
• interest earned on the account balance is tax-free

Question 30

HSA rollover or grace period

Answer 30

yes, funds rollover at he end of the plan year

Question 31

HSA investment

Answer 31

ability to invest funds after meeting minimum threshold

Question 32

HSA protability

Answer 32

yes, HSA stays with the account holder

Question 33

3 key findings of study

Answer 33

1. In a large-scale, multiyear experiment, participants who paid for a share of their health care used fewer health services than a comparison group given free care.Cost sharing reduced the use of both highly effective and less effective services in roughly equal proportions.
   2Cost sharing did not significantly affect the quality of care received by participants.
2. Cost sharing in general had no adverse effects on participant health, but there were exceptions: free care led to improvements in hypertension, dental health, vision, and selected serious symptoms. These improvements were concentrated among the sickest and poorest patients.