Answered: Which of he following stalements is…

Business

Accounting

Which of he following stalements is CORRECT about benefits provided by a Basic Hospital and Surgical policy?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 61. Which of the following tyP ganizations follow FASB statem Investor-Owned Private Not-for-Pro…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: if the company is self-insured and the insurance plan says that it does not cover health routine and…

A: Self-insured health insurance refers to when an employer pays for their employees' medical expenses…

Q: Group of answer choices a. type of care

A: Grooming/personal hygiene, clothing, toileting/continence, transferring/ambulating, and eating are…

Q: How do economic factors influence healthcare policy decisions and outcomes?l am not satisfy give…

A: The objective of the question is to understand the impact of economic factors on healthcare policy…

Q: Explain the difference between gross medical services revenue and net medical services revenue

A: Please find the answer to the above question below:

Q: None

A: Approach to solving the question: Analyze the question. Detailed explanation:To identify the false…

Q: 4a Describe the resource-based relative value scale payment method used by Medicare to reimburse…

A: The Centers for Medicare & Medicaid Services (CMS) and the majority of other payers implement…

Q: What is a third-party payor, and how does the presence of such payors affect the financial…

A: Third party payor in healthcare entities is the payer, insurance company or health agency not…

Q: Insurance coverage has been shown to diminish the importance of time in the decision about how much…

A: Insurance coverage seems to be the degree of risk or responsibility that would be addressed by…

Q: 1. Cost shifting occurs when a provider responds to low reimbursement rates by public payers (e.g.,…

A: Cost-shifting is an economic scenario in which one person, organization, or government underpays for…

Q: A risk group căn be đefined as a group that shares ghly the same risks of an adverse event…

A: Risk is something which is bear by insurance company in consideration of premium that they have…

Q: he following items/events relate to hospitals covered. Classify each of the following items as…

A: When it is mentioned that an event is reported on the statement below the performance indicator, it…

Q: The least expensive form of whole life insurance protection is: A. limited payment. B. term. C.…

A: Whole life insurance or straight life insurance protects the life of the covered. Both life…

Q: How does Medicare reimburse hospitals for inpatient stays?

A: Reimbursement of expenses is the process through which the out-of-pocket expenses are compensated by…

Q: ategies that a hospital must do to achieve financ

A: Financial health is necessary for any organization and this is very important to maintain and grow…

Q: Underwriting risk results when the premiums generated on a given insurance product line are…

A: Underwriting refers to the process of establishing a price pertaining to the risk associated with…

Q: Plan forfeitures under a defined benefit plan may be allocated to rem manner or go towards reducing…

A: A defined benefit plan refers to the plan which is based around the employer who pays a defined sum…

Q: For-profit hospital management must strike a balance between their fiduciary responsibilities to the…

A: We can basically divide the hospitals into two categories, that are; for-profit hospitals and…

Q: Travel or transportation to the clinic is an example of ---_costs O Intangible O Indirect O Direct…

A: The costs which are directly related to clinic is direct cost Direct non medical costs are the…

Q: characteristic NOT found in a group disability income policy is: A.cost of living adjustment…

A: Group Disability Income Policy: It is a insurance policy which is taken by the enterprises,…

Q: Give the formula for computing a deduction for group health insuranc

A: Group health insurance policy can be defined as the policy which covers all employees of the…

Q: 5. Some peode have high deductibles on their insurance policies in order mopthly rates. Others have…

A: Insurance plan with high deductible are better: 1. If you are young 2. If none of the elders or…

Q: Loans are available from term life insurance policies. a. True b. False

A: Policy loans are not available from term life insurance policies. Because there is no cash value to…

Q: What is a contractual adjustment? How does a health care organization account for a contractual…

Q: hich type of insurance is not deductible as self-employed health insurance? a. Long-term care…

A: Deduction -Taxpayers have the option to itemize their deductions, which entails claiming deductions…

Q: Which of the following profit sharing allocation options provides for a combination of age and…

A: Answer:- Profit sharing allocation meaning:- A profit sharing allocation plan is a defined…

Q: How can a patient benefit if the premiums paid are more than the cost of the medical care received?…

A: When deciding between individual and group health insurance, a patient should consider several…

Q: What have been the CONSEQUENCES of BC/BS conversion from not-for-profit to for-profit status in…

A: Blue Cross Blue Cross is a name used by an association of health insurance plans throughout the…

Q: newer innovative health financin

A: Innovative financing can enable private investors to participate in health more quickly and bring…

Q: (CO 2) In healthcare reporting, the term charges means goodwill. deferred expenses. revenue. O…

A: In the field of healthcare financial reporting the terminology and words used are different than the…

Q: Difference between the traditional health financing mechanisms and the newer traditional mechanisms

A: Traditional health financing mechanisms and newer innovative mechanisms play crucial roles in…

Q: Explain why there is a difference between the government-paid portion of premium as a percent of…

A: The answer is stated below:

Q: Which is Idemenity Plan and which is Managed Care Plan? Insureds create contract with an insurer…

A: Only managing the funds, not about financial planning. Financial planning also includes the steps…

Q: Indicate whether the statement is true or false, and justify your answer.In the 2010 American health…

A: The health care reform law passed in 2010 march. The rule has 3 main goalmouths: The law delivers…

Q: nonfinancial performance measures

A: Nonfinancial performance measures are metrics used to measure the performance of an entity not…

Q: What have been the consequences of BC/BS conversion from not-for-profit to for-profit status in…

A: Consequences of BC/BS conversion form profit motive to non profit motive. BC/BS an organisation…

Q: Now assume the consumer is part of a partial insurance plan with a coinsurance provision. Her…

A: COPA Payment:The term “COPA Payment” refers to the Collection of Accounts Payable and is a process…

Q: 1. Briefly explain The Information Flow.

A: Since you have asked multiple questions, we will solve the first question for you. Please ask the…

Q: Question one Discuss the strengths and weakness of the Newer Innovative health financing mechanisms…

A: the healthcare movement has brought about positive changes in the society which has erase in…

Q: Which of he following stalements BEST describes the primary difference between a Health Maintenance…

A: A Health Maintenance Organization is a form of health insurance where the medical care is insured if…

Q: (CO B) What percent of revenue do for-profit hospitals deliver in uncompensated care? O3%-4% O 10%…

A: Uncompensated care refers to type of hospital care provided for which no payment has been received…

Q: Question: Describe the accounting treatment by hospitals and health care organizations for each of…

A: (A) Charity Care Definition: Charity care represents services provided to patients who are…

Q: In what cases are medical insurance premiums paid by an individual not deductible as qualified…

A: Qualified medical expenses are the expenses that are deductible as medical expenses, these includes…

Q: The risk of patients not paying their account balances resulting in bad debt expense is a reality…

A: Today, health care is very important concern in everyone's life .There are different types of…

Q: Summarize what any information related to financial planning and strategies in healthcare…

A: Financial planning and strategies in healthcare reimbursement are vital components of nursing…

Question

Which of he following stalements is CORRECT about benefits provided by a Basic Hospital and Surgical policy?

A.They are lower than he actual expenses incurred

B.They are subject to large deductibles

C.They are higher than those provided by Major Medical policies

D.They are unlimited.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

When creating an Income Statement and calculating Net Patient Service Revenue, which of the accounts do you actually record as a line item on the Income Statement? O Discounts Charity Care Accounts Receivable Bad Debt
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.
Community benefits serve as justification for a non-profit healthcare organization's tax-exempt status. True or False
How can CVP Analysis be used to predict future cost and profitability? How can CVP analysis be used in a hospital setting?
Explain the differences and similarities of Contribution made to a hospital vs. Contribution for a research grant.
Why is the statement of functional expenses required for voluntary health and welfare organizations?
Which of the following is correct about the effect of a deductible with respect to the price of an insurance policy? O A policy with a deductible will raise the premium. This will make the overall cost of insurance higher for policyholders who do not have a claim, but lower for those with high claims O A policy with a deductible will lower the premium. This will make the overall cost of insurance higher for policyholders who do not have a claim, but lower for those with high claims O A policy with a deductible will raise the premium. This will make the overall cost of insurance lower for policyholders who do not have a claim, but higher for those with high claims O A policy with a deductible will lower the premium. This will make the overal cost of insurance lower for policyholders who do not have a claim, but higher for those with high claims
Question: 1) Which of the following is an example of mandatory deduction? A) Medical insurance. B) Union subscription C) Life insurance D) FNPF required: please answer this question by choosing the right option. *right/correct answer*
Compare and contrast the early historical accounting for postretirement health care and life insurance benefits with the guidance or rules in place today.
1) Please give and explain the numerical example of adverse selection that arises in life insurance market?
The best strategy for health insurance coverage is to purchase a comprehensive policy. Of the following, which additional coverage should you not buy if it is not provided at work or in your individual policy? ○ Accident Terminal Disease O Dental O Eyewear O You should not buy any of the above
The following items/events relate to hospitals covered. Classify each of the following items as follows: A. Event is reported on the “Statement of Operations” below the performance indicator. B. Event is reported on the “Statement of Operations” above the performance indicator. C. Event affects only the restricted net assets portion of the Statement of Changes in Net Assets D. Event affects both the Statement of Operations above the performance indicator and the restricted net assets portion of the Statement of Changes in Net Assets. E. Event affects both the Statement of Operations below the performance indicator and the restricted net assets portion of the Statement of Changes in Net Assets. F. Event affects only the Statement of Financial Position. G. Event is reported only in the notes to the financial statements. Realized gains on non-trading securities held as unrestricted investments.