Other Accident/Health Products

Question 1

Hospital Indemnity Policies

Answer 1

Might pay a set dollar amount for each day of hospitalization

Question 2

Hospital Indemnity Policies: Money might be spent on…

Answer 2

Expenses besides care, unrelated to actual hospital charges

Question 3

Dread Disease/Critical Insurance

Answer 3

Only pays when insured person is diagnosed with a specific illness named in policy

Question 4

Dread Disease/Critical Insurance is also called…

Answer 4

Cancer Insurance

Question 5

Dread Disease/Critical Insurance often pays…

Answer 5

Lump sum

Question 6

Dread Disease/Critical Insurance: Money isn’t based on…

Answer 6

Actual expenses and doesn’t need to be used for medical bills

Question 7

HSA stands for…

Answer 7

Health Savings Account

Question 8

HSA

Answer 8

Tax-free contributions to pay for care

Question 9

HSA: Money can be carried over…

Answer 9

Year to Year

Question 10

HSA: Money belongs to…

Answer 10

The individual and is portable from job to job

Question 11

HSA: Typically requires enrollment in…

Answer 11

High deductible health plan

Question 12

HSA: Money must only be used on…

Answer 12

Eligible expenses, not insurance premiums or OTC drugs

Question 13

HDHP: For favorable HSA tax treatment, deductibles must be at least…

Answer 13

Equal to amount set by federal law

Question 14

HSA: Contributions are exempt from…

Answer 14

Payroll and income taxes

Question 15

HSA: Contributions can be invested in…

Answer 15

Sub-accounts and grow tax-free

Question 16

HSA: Withdrawls are…

Answer 16

Tax-free if used for qualified medical expenses

Question 17

HSA: If withdrawls are used on non-qualified expenses…

Answer 17

20% penalty plus income taxes

Question 18

HSA: Seniors are exempt from…

Answer 18

20% tax penalty but still owe some regular income taxes

Question 19

FSA stands for…

Answer 19

Flexible Spending Accounts

Question 20

FSA

Answer 20

Pre-tax dollars from employers and employees are used for care

Question 21

FSA: Withdrawls are…

Answer 21

Not taxed

Question 22

FSA: Amounts generally…

Answer 22

Cannot be carried over from year to year

Question 23

FSA: Has occasional, limited exceptions but…

Answer 23

Only at employer’s option

Question 24

HRA stands for…

Answer 24

Health Reimbursement Arrangement

Question 25

HRA

Answer 25

Employer reimburses employees for their medical care up to a certain amount

Question 26

HRA: Unused portions can…

Answer 26

Carry over to new year

Question 27

HRA: Employer…

Answer 27

Owns and funds the account and keeps money if employee leaves

Question 28

Dental Care

Answer 28

Purchased separately or as an add-on to major medical insurance

Question 29

Dental: Tends to cover…

Answer 29

Preventative care annually with little or no cost-sharing

Question 30

Dental: Common procedures often covered with…

Answer 30

Intermediate amount of cost-sharing (80/20 split)

Question 31

Dental: Major dental work and dentures require…

Answer 31

Greater cost-sharing (50/50 split)

Question 32

Vision Care

Answer 32

Often bought separately or as an add-on to major medical

Question 33

Vision: Basic coverage often limited to…

Answer 33

Annual checkups and new glasses/contacts every 2 years

Question 34

Vision: Serious eye illnesses tend to be covered by…

Answer 34

Major medical insurance

Question 35

Short-Term/Temporary Medical Insurance

Answer 35

Intended to fill brief gaps in major medical insurance

Question 36

Temp: Time frame

Answer 36

Less than 1 year at federal level, 6 months in IL

Question 37

Temp: Lacks consumer protection of major medical insurance

Answer 37

Exempt from ACA; Might not cover pre-existing conditions; Limited benefits and caps; Might not be guaranteed renewable