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Exam 9: Insuring Your Health

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Question 1

Multiple Choice

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Supplementary Medical Insurance (SMI) provides health care protection beyond basic hospital coverage for

A) all Medicare recipients.
B) all social security recipients.
C) Medicare recipients who pay for SMI on a compulsory basis.
D) Medicaid recipients.
E) Medicare recipients who pay for SMI on a voluntary basis.

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Question 2

Multiple Choice

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INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Medicare would pay [the entire | part of the] hospital bill for a covered person.

A) for the first item
B) for the second item
C) if neither item will correctly complete the statement.

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Question 3

Multiple Choice

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A comprehensive major medical insurance would not

Miscellaneous sources of health care coverage include

Increasing the stop loss provision is likely to lower the premium on a comprehensive major medical policy.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -The amount of health insurance reimbursement actually paid may be reduced by [internal limits | co-payment caps].

A group HMO employs a group of doctors to provide healthcare services to members in a central facility.

You would have a better chance to choose your own doctor with a PPO rather than an HMO.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Dependent children [regardless of age | up to a stated maximum age] will usually be covered by your health insurance policy.

Most disabilities are permanent.

Insurers are required under the law to cover the children of those they insure up to the age of 21.

Some surgical expense insurance pays a specific amount for a list of various types of surgery.

Which of the following is(are) characteristic of Social Security disability income benefits?

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -When purchasing a long-term care policy,the [guaranteed renewability | optional renewability] provision is recommended.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Medicare and Medicaid cover [more | less] than half of the total cost of long-term care.

All of the following except a ____ are highly recommended for a long-term disability income policy.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -Medicare [hospital | supplemental medical] insurance requires that those covered pay a monthly premium.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -If an employee could afford additional health insurance coverage in addition to group coverage,most should purchase [dental | disability income] insurance.

Health insurance coverage can include

Nick and Sheila Preston are married and have purchased a comprehensive major medical policy which covers them and their two sons,Wally and Brent.The policy has a $500 calendar year family deductible,a $2,500 stop-loss provision,and an 80% coinsurance clause.The following losses occur: On January 1,2004 Sheila was treated for an infection at a cost of $200,on July 1,2004 Wally was treated for an injury suffered while waterskiing at a cost of $10,000,on December 5,2004 Nick underwent eye surgery at a cost of $1,500,and on January 5,2005 Brent was treated for a broken leg at a cost of $2,000. How much will the insurer pay for each of these losses?