Taxes
Why do governments tax individuals and businesses?
To pay for programs.
Name 1 essential benefit of health insurance
Any of these:
Emergency services, hospitalization, ambulatory patient services, laboratory services, prescription drugs, rehab services, preventative services, mental health and substance use disorders, pregnancy and newborn care, and pediatric services
What year was Medicare started?
1965
What is Medicaid and who is it used by?
A government health insurance program that is for people with lower income.
What is another name for the Affordable Care Act (ACA)?
Obamacare
Name 2 types of taxes.
1. Corporate income tax
2. Personal income tax
3. Payroll tax
4. Sales tax
5. Excise tax on consumption
6. Excise tax on production
What is one way that providers can be reimbursed?
Capitation, fee-for-service, or bundles payments
Who is able to use Medicare?
The elderly (65+) and the disabled
What does Medicaid cover?
Doctor visits, hospital care, and long term care.
Where is Medicaid not expanded?
Southern states
What are the two main taxes that are taken out of payroll tax?
Social Security and Medicare.
How many parts are there to Medicare?
Four parts:
A. Hospital insurance
B. Medical insurance
C. Private medicare and advantage plans
D. Prescription drugs
Define FPL (Federal Poverty Level)
A minimum income level set by the federal government based on household size and income
What is a consumer driven market?
A healthcare option where individuals choose their own insurance plans.
What is a "sin tax?"
A tax that is intended to reduce consumption (ex. alcohol, tobacco)
What is a premium?
A subscriber pays a fixed cost for access to a health insurance plan's services.
What does Medicare part C include?
Private Medicare and advantage plans
What does the FPL determine?
Eligibility for medicaid, SNAP, and subsidies for health insurance.
What does HMO and PPO stand for?
HMO: Health Maintenance Organization
PPO: Preferred Provider Organization
Describe the 2 types of health insurance premiums.
Employment-based: Shared costs between the employee and employer
Consumer-driven: Consumers usually pay full cost unless it's government subsidized
What are the 3 types of insurance models?
Indemnity plans, managed care plans, and hybrid plans.
What combinations of parts of Medicare can people have?
A, B, and D or C and D
When and why was Medicaid started?
Started during WW2 incentivize people to work for their companies.
What does COBRA do?
Allows you to keep your insurance temporarily after leaving a job