Exam (elaborations)
Health Insurance – Q&A – 100% Correct Answers
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- HEALTH INSURANCE
- Institution
- HEALTH INSURANCE
Health Insurance – Q&A – 100% Correct Answers
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Health Insurance – Q&A – 100% Correct AnswersBilly's employer pays for 65% of his annual health insurance premium.
Billy has the rest deducted in equal amounts from his paycheck. If Billy has
$105.73 withheld from his paychecks twice each month, how much does
his employer contribute towards his health insurance on an annual basis?
Correct Ans - $4,712.54
As a part-time employee, Rachel does not qualify for any benefits from her
current employer. Seeing a need for a health care program, Rachel went
shopping for health insurance and is trying to decide between two options
with a national health insurance provider. The benefits of each option are
outlined in the tables below.
The first option is a fee-for-service plan with a $7,500 deductible. Rachel
must pay the deductible amount in health-related costs (not including co-
pays) before the insurance company will contribute. This plan costs
$225.00 per month and requires co-pays for most standard healthcare
costs.
The second option is an HMO. It is significantly more expensive at $630 per
month, but has no annual deductible. The standard co-pays are also less
than those in the other option.
Rachel is a young lady with very few health care requirements. She
anticipates one monthly visit to her primary care physician, and
Correct Ans - Rachel's health care needs will cost less under Option 1 if
she is able to avoid additional health care costs.
In addition to general medical services, Holly would like to add dental and
vision options to her health care plan. The monthly premium for her
medical insurance is $345 of which her employer pays 65%. Her employer
also offers to pay 50% of the monthly dental premium of $38 and 75% of
the $23 monthly premium for the vision plan that is offered. If Holly opts
for both the dental and vision options in addition to her regular health
insurance, what will her total monthly premium be? Correct Ans -
$145.50
The health care Jimmy's employer offers is a fee-for-service plan in which
Jimmy and his family must pay for $12,500 in health related services in a
calendar year before the insurance company begins to pay. Jimmy and his
, family have several health related issues that demand $685.00 each month.
If one of Jimmy's children were to become seriously injured at the end of
the year, how much would the related health costs need to be in order for
the insurance company to assume responsibility? Correct Ans -
$4,280.00
In order to make premiums more affordable for their customers, Leroux
Health Insurance is considering some changes to one of the plans they
offer. Both the current options and proposed changes are outlined in the
charts below.
If Kevin is currently insured under Leroux for his medical insurance under
Plan A, how will the proposed changes affect his health care costs?
Correct Ans - Costs for regularly scheduled health care will go down,
but Kevin may end up paying more if he finds himself seriously ill or
injured.
Javier's employer pays for 43% of his annual health insurance premium.
Javier pays the remaining balance by having it deducted from his paychecks
in equal amounts twice a month throughout the year. If $157.38 is
deducted from each of Javier's paychecks, what is his total annual
premium? Correct Ans - $6,626.53
Which of the following health care programs will wait to pay their share of
medical coverage until after treatment is provided? Correct Ans -
fee-for-service plan
Health insurance helps to protect you from financial loss by _____.
Correct Ans - paying for some or all of your medical costs while you are
insured.
Andrew is insured by Leroux Health Insurance under Plan A. The plan
includes a $248.00 monthly premium with a $5,500.00 annual deductible
(not including co-pays).
Andrew is severely asthmatic. He visits his primary care physician twice a
month and his asthma specialist once a month. He has two separate generic
inhalers that need to be refilled on a weekly basis. To make matters worse,
Andrew has recently been diagnosed with appendicitis and is scheduled to
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