Question 1

When does the annual open enrollment period typically occur for most health insurance plans in the United States?

Accepted Answer

November 1st to January 15th

Question 2

What is an insurance premium subsidy?

Accepted Answer

A discount on your health insurance premium, based on your income - When you do taxes you will receive a credit if you made less then you reported or owe if you made more.

Question 3

What is the purpose of open enrollment in health insurance?

Accepted Answer

To renew or change your health insurance plan

Question 4

True or False: Your copays go towards your out of pocket max

Accepted Answer

True - Typically, copays, deductible, and coinsurance all count toward your out-of-pocket maximum. Keep in mind that things like your monthly premium, balance-billed charges or anything your plan doesn't cover (like out-of-network costs) do not

Question 5

What is a deductible in health insurance?

Accepted Answer

The amount you must pay out of pocket before your insurance starts covering

Question 6

True or False: An HMO (Health Maintenance Organization) plan usually requires referrals to see specialists.

Accepted Answer

True

Question 7

What is a pre-existing condition in health insurance?

Accepted Answer

A medical condition that exists before getting health insurance - Before Obamacare insurances typicallly had a waiting period for pre-existing conditions

Question 8

What is the purpose of a Health Savings Account (HSA)?

Accepted Answer

To save money for medical expenses, often with tax benefits - HSAs go with high deductible health insurance plans

Question 9

True or False: Short-term health insurance plans typically provide long-term coverage for chronic conditions.

Accepted Answer

False

Question 10

What does "out-of-network" mean in health insurance?

Accepted Answer

Healthcare providers and facilities not covered by your insurance plan

Question 11

What type of insurance allows you to go out of network?

Accepted Answer

PPO - Coverage is lower out of network but allows more flexibility

Question 12

What is the penalty for not having health insurance under the Affordable Care Act (ACA)?

Accepted Answer

There is no penalty - Trump administration did away the tax penalty on a Federal level in 2018. California, DC, Massachusetts, New Jersey, Rhode Island, and Vermont still do penalties.

Question 13

What is coinsurance?

Accepted Answer

Percentage of carrier responsibility and patient responsibility

Question 14

What is open enrollment for Medicare?

Accepted Answer

October 15th to December 7th

Question 15

What is a health insurance claim?

Accepted Answer

A formal request for reimbursement of covered medical expenses

Question 16

What is a Health Maintenance Organization (HMO) plan designed to do?

Accepted Answer

Control healthcare costs by requiring primary care physician referrals

Question 17

What is a "provider network" in the context of health insurance?

Accepted Answer

A list of doctors, hospitals, and other healthcare facilities that contract

Question 18

True or False: Medicare eligibility is determined solely by age, not income.

Accepted Answer

False - People who are 65 or older. Certain younger people with disabilities. People with End-Stage Renal Disease

Question 19

What is the primary purpose of the Affordable Care Act (ACA)?

Accepted Answer

To increase access to affordable health insurance

Health Insurance Quiz

2) What is an insurance premium subsidy?

3) What is the purpose of open enrollment in health insurance?

4) True or False: Your copays go towards your out of pocket max

5) What is a deductible in health insurance?

6) True or False: An HMO (Health Maintenance Organization) plan usually requires referrals to see specialists.

7) What is a pre-existing condition in health insurance?

8) What is the purpose of a Health Savings Account (HSA)?

9) True or False: Short-term health insurance plans typically provide long-term coverage for chronic conditions.

10) What does "out-of-network" mean in health insurance?

11) What type of insurance allows you to go out of network?

12) What is the penalty for not having health insurance under the Affordable Care Act (ACA)?

13) What is coinsurance?

14) What is open enrollment for Medicare?

15) What is a health insurance claim?

16) What is a Health Maintenance Organization (HMO) plan designed to do?

17) What is a "provider network" in the context of health insurance?

18) True or False: Medicare eligibility is determined solely by age, not income.

19) What is the primary purpose of the Affordable Care Act (ACA)?