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Exam 11: Managing Health Expenses

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Question 31

Multiple Choice

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Traditional health insurance provides protection against direct medical expenses and,thus,does not cover​

A) ​injury related health care.
B) ​illness related health care.
C) ​recuperative medical care resulting from illness or injury.
D) ​lost income when you cannot work due to illness or injury.

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Question 32

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Most companies will not write disability income insurance policies for more than 60 to 80 percent of the insured's after-tax earnings.

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Question 33

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Most companies will not write disability income policies for more than ____ percent of one's after-tax earnings.

A ____ power of attorney takes effect when a incapacitating medical condition occurs.

James was injured in a freak accident in his dorm room and had to spend several days in the hospital.His covered medical costs totaled $8,000.How much will James's health insurance policy pay for this claim given the following policy information? ​ $400 deductible per year 80/20 coinsurance $2,000 per year out-of-pocket coinsurance cap

____ is a long-term care provision that is especially important for a relatively young person purchasing this type of insurance.

A legal document in which individuals designate another person to make health care decisions on their behalf if they are incapable of making their wishes know is called a​

Social Security disability income payments are available to covered workers who are either partially or totally disabled.

A living will addresses financial issues should one become mentally incapacitated.

A preferred provider organization is a group of health care providers who contract with a health insurance company to provide services at a discount.

When illness or injuries strike which of these issues may affect your finances?​

If one is covered by worker's'compensation,he or she probably does not need additional health insurance coverage.

You can make changes in your group health care plan at any time during the year.

A durable power of attorney gives the designated person virtually absolute power to manage your financial affairs.

An HSA is a tax-deductible savings account into which individuals and/or their employers can deposit tax-sheltered funds for use to pay medical bills including the deductibles and other out-of-pocket costs required by a high-deductible plan.

Traditional health insurance provides protection against financial loss resulting from the perils of illness and injury.

Eligibility for which of the following is based on household income and net worth?

Preventive health care and catching medical problems early is encouraged by​

In a dual-income household where both employers provide a health care plan,it is important to choose to be covered under the plan that provides ____ and is ____.

Who most needs long-term care insurance protection?​