An individual with a health savings account must be covered by a high-deductible health plan with a minimum annual deductible and no out of pocket maximum. True or False. True False
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![An individual with a health savings account must be covered by a high-deductible health plan with a minimum annual deductible and no out of pocket maximum.
True or False
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- 9. Define out of pocket maximum. a. A flat-rate fee you must pay when receiving any kind of health care service. b. The maximum amount of money your insurance will cover of a certain health care service. c. The maximum amount you will have to pay out of pocket in one year for the benefits your insurance covers. d. The maximum amount of money the insured party will pay toward prescription medications.1. How much total money would you have spent out of pocket with each plan? 2. With each plan, how much total money would you have to spend before the insurance coverage pays 100% of your medical costs?In the context of the health insurance and the life insurance, choose the sentence that IS NOT CORRECT: * The deductible in a health insurance is an amount of money the insured must pay before benefits become payable by the insurance company. When we buy a health insurance, we should make sure that we have enough insurance (the opportunity cost of not being adequately insured can be extremely high), but without wasting money by overinsuring Group Health Insurance (most of them being employer sponsored) represents a small percentage (around 5%) of all health insurance issued by health and life insurance companies. In a life insurance, a person purchases a policy by paying a premium and the insurance company promises to pay a sum of money at the time of the policyholder’s death to the designated beneficiary.
- An important distinction in health insurance is between the list price (PL) and out-of-pocket price (PP) of a medical good or service. The list price is the official price that the provider charges the insurance company, while the out-of-pocket price is the price that the insurance customer faces. Sometimes, the out-of-pocket price depends on the list price. Now assume the consumer is part of a partial insurance plan with a coinsurance provision. Her insurance pays 50% of all medical expenses. Consider again the relationship between PL and PP and plot a coinsurance plan demand curve in PL - Q space. Label this curve D3. Finally, assume the consumer is part of a partial insurance plan with a copayment provision. Her insurance pays all expenses above and beyond her copayment of $25 for each unit of Q. Consider again the relationship between PL and PP and plot a copayment-plan demand curve in PL - Q space. Label this curve D4.For 2022, the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is: Multiple Choice $1,400. $14,100. $13,800. $7,050.You have a gross annual income of $62,500. Use the multiple of income method to determine the minimum amount of life insurance you should carry. Answer is complete but not entirely correct. Minimum insurance need $ 437,500 x
- Examples of health insurance offsets include all of the following, EXCEPT: a) Co-pays b) Deductibles c) Co-insurance d) Preventive programsAssume that you have calculated: (a) premiums for life insurance policies and (b) payments to annuitants based upon an assumption that everybody dies before attaining age 101. Now you discover that a significant number of your policy owners are likely to live beyond age 101 and some will live to age 121. How will that affect your business?A good health insurance plan should: Multiple Choice O impose no unreasonable exclusions. provide at least a $1 million lifetime maximum for each family member. pay at least 80 percent for out-of-hospital expenses after the yearly deductible. provide least 120 days' hospital room and board in full. offer all of the listed provisions.
- You have a gross annual income of $63,500. Use the multiple of income method to determine the minimum amount of life insurance you should carry.Which type of account can be used as a retirement savings account? Section 529 Plan. Health Savings Account. Flexible Spending Account. Coverdell Education Savings Account.8. What is the difference between a copay and coinsurance? a. Copay is typically a percentage of the health care service, coinsurance is a flat fee b. Copay is typically a flat fee, coinsurance is a percentage of the health care service c. Copay is paid by the individual when receiving a health care service, coinsurance is paid by the insurance company
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