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Health Insurance Terms
Different Plans
Affordable Care Act
100

Define the term Premium

The monthly cost of health insurance.

100

What are the main 3 health plans?

HMO, PPO, POS

100

What year was the Affordable Care Act passed?

2010

200

Define Disability Income Insurance

Insurance that provides money in case a disability gets in the way of earning your expected income.

200

Which plan is a hybrid of the two other plans?

POS

200

Which administration passed the Affordable Care Act?

The Obama Administration (Obamacare)

300

What term has this definition: A payment request that your health care provider submits

Claims

300

Which plan lets you visit in network and out of network healthcare professionals?

PPO

300

What was the main goal of the Affordable Care Act?

To provide all/most americans with health insurance

400

Money you will receive from an Insurance provider that will supplement your salary, in the case of an accident or disability is called...

Disability income

400

Name the 2 disadvantages of a PPO

- Typically higher monthly premiums and out-of-pocket costs than for HMO plans.

- More responsibility for managing and coordinating your own care without a primary care doctor.

400

List 2 Pros of the Affordable Care Act

  • More people have health insurance.

  • More affordable health insurance.

  • People with preexisting conditions can’t be denied coverage.

  • No time limit on care

  • More screenings get covered

  • Prescription costs less

500

What term does this definition match with: a binding contract issued by an insurance company to an individual or group which promises to pay for health care reasonably required by the “insured” 

Policy

500

Name 3 advantages of an HMO

  • Lower monthly premiums and generally lower out-of-pocket costs.

  • Generally lower out-of-pocket costs for prescriptions.

  • Claims won’t have to be filed as often since medical care you receive is typically in-network.

  • Convenience of having a primary care doctor as your advocate to coordinate and manage your care.

500
List 3 cons of the Affordable Care Act

  • Most people pay higher premiums

  • You can be fined if you don’t have insurance

  • It’s resulting in rising taxes

  • Businesses cut employee hours to avoid covering employees