Terms
What is a premium?
It is meant to help the beneficiary cover costs after you're gone.
What is life insurance?
Your health plan has a copay of $20 for prescriptions. You arrive at the pharmacy to pick up your script which has a list price of $75. You have to pay how much?
What is $20?
Of Premiums, Copays, and Deductibles, this is not an out of pocket expense.
What is a premium?
This is what you have to pay out of pocket for your insurance company to start contributing to your payments.
What is a deductible?
This insurance is intended for the disabled and those of low-income.
What is medicaid?
You have a deductible on your health plan for $2000. This is how much your insurance provider will pay for a $5500 bill.
What is $3500?
This type of insurance will help compensate up to 40-60% of lost income if out of work.
What is long term disability?
When you go to the doctor's office, having insurance means you'll only have to pay this small amount to cover the visit.
What is a co-pay?
When you turn 65 you could file for this form of government insurance?
What is Medicare?
So far this year you have paid $200 in co-pays to your doctor. Your deductible is $2000. You've just had x-ray of your ankle which will cost you $500. Next week you'll be having a minor surgery on it which is set to cost $1600. Your insurance company will cover how much of the surgery?
What is $100?
This is a type of "retirement" insurance for the elderly which is paid through taxes of workers?
What is social security?
This is the limit, per your policy, that you will have to contribute before your insurer takes full responsibility for payment.
What is your Out-of-Pocket Maximum?
You would want this type of insurance to cover anything that might happen to your car; not just when involved in an accident.
What is comprehensive?
Your liability coverage on your car insurance is $60,000. You've been in an accident and the court rules that the other driver is owed $70,000 for cost of car and medical. Your insurance company will require that you pay this much.
What is $10,000?
A young, healthy, working individual would most likely not need to worry about purchasing this type of insurance.
What is life insurance?
What is liability?
This type of healthcare coverage would require you to see "in-network" doctors or pay full price otherwise. A referral for specialists is also required.
What is an HMO (Health Maintenance Organization)?
You have liability coverage on your car. You've caused an accident and the damages total $6400 for the other car and $3400 for your car. Your deductible is $1000 and the coverage limit is $30,000. How much will your insurance company pay for your car?
What is $0?
This can be used as a supplement to your health insurance, but also as an investment tool. Must have a high deductible health insurance plan.
What is an HSA (Health Savings Account)?