Personal Finance: Chapter 9

Medicare is a government-sponsored health care plan composed of Part A and Part B. Part B covers imaging, laboratory tests, and prosthetic devices
Disability income insurance will provide income to a disabled or ill person with a waiting period before income is received
Which of the following is true of the health care industry? In a traditional indemnity plan, the premium cost is low if it is a high-deductible plan
Employees should consider risk assumption for certain health risks because they would rather pay small amounts from savings than higher premiums to cover them
The insurance designed to help with nursing home or in-home care due to chronic illness is called long term care
Which of the following is true of long-term care insurance? Many policies offer inflation protection riders for an additional premium.
Employers set up a salary reduction agreement with the employees if: employees need additional insurance benefits
Long-term care is a term used to describe _____. the delivery of medical care to persons with chronic medical conditions in a nursing home
Medicare is a government-sponsored health care plan composed of Part A and Part B. Part A provides inpatient hospital services
Which of the following is true of the workers’ compensation insurance? Workers’ compensation insurance compensates workers who are injured on the job or become ill through work-related causes
Which of the following statements is true of the health reimbursement account (HRA)? The amount of unused money in the health reimbursement account can be rolled over annually
The community rating approach to health insurance premium pricing _____. prohibits insurance companies from varying rates based on health status or claims history
An individual receiving health care: is allowed to receive multiple payments from more than one insurance company for this care
In the pure community rating approach to health insurance premium pricing, all policyholders in an area pay: the same premium without regard to their personal health, age, or gender.
the average age of the American population is increasing
is a health care plan that emphasizes cost control and preventive treatment. a managed care plan
Which of the following statements is true of the Affordable Health Care Act (ACA)? The ACA eliminates lifetime limits on total health care insurance payments by insurers
The maximum coverage under most dental policies is often in the range of _____ per patient $1,000 to $2,500
is a hybrid form of health maintenance organization (HMO) that allows members to go outside of the HMO network for care. point-of-service (POS) plan
Disability income policies usually have a(n) _____, which is a time delay from the date of the issuance of the policy until benefit privileges are activated probationary period
When purchasing a long-term-care policy the guaranteed renewability provision is recommended
supplementary medical insurance (SMI) provides health care protection beyond the basic hospital coverage for: anyone age 65 or over who pays premiums on a voluntary basis
The Medicare co-insurance payment is typically 20 percent
During the past few decades, the percentage of our income spent on health care has increased due to an aging U.S. population
A coordination of benefits provision in a health care policy ________ by collecting benefits in multiple payments for health care. prohibits collecting more than 100 percent of covered charges
Which of the following is a public assistance program that provides health insurance benefits only to those who are unable to pay for health care medicaid
An insured individual’s right to continue a health insurance policy if he or she chooses is known as renewability

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