CCHI – Insurance Exam 2023/2024 with Complete Solutions Graded A+

Affordable Care Act (ACA)/ Health Care Reform; Obamacare - Correct Answer The comprehensive federal health care reform law enacted in March 2010. Health Insurance - Correct Answer A contract that requires an individual's health insurer to pay some or all of their health care costs in exchange for a premium. Health Insurance Marketplace/ Exchange - Correct Answer State- or federally run and regulated market where an individual can shop, compare, and buy health care coverage. Eligibility requirements - Correct Answer Conditions that must be met in order for an individual or group to be considered eligible for insurance coverage. Open enrollment (period) - Correct Answer A period of time each year when an individual can purchase or change health coverage. Medicaid - Correct Answer Health insurance provided by the government to some low-income people, families and children, pregnant women, the elderly, and people with disabilities. In some states the program covers all adults below a certain income level. Medicaid programs must follow federal guidelines, but coverage and costs may be different from state to state. Children's Health Insurance Program (CHIP) - Correct Answer Health insurance provided by the government to children in families that earn too much money to qualify for Medicaid. In some states, CHIP covers parents and pregnant women. Each state works closely with its state Medicaid program. In many cases, if an individual qualifies for Medicaid your children will qualify for either Medicaid or CHIP. Medicare - Correct Answer A federal health insurance program, administered by the Social Security Administration, that provides health care for most people over 65 and certain other eligible individuals. Health plan - Correct Answer A benefit an individual's employer, union or other group sponsor provides to that individual to pay for their health care services. Secondary coverage - Correct Answer When a person is covered under more than one health insurance plan, this term describes the health insurance plan that provides payment on claims after the primary coverage (i.e. main plan). Managed care - Correct Answer A general term used to describe a variety of health care and health insurance systems that attempt to guide a patient's use of benefits, typically by requiring that a patient coordinate his or her health care through a primary