Medical Expense Insurance 2023Test Questions and Answers

Medical Expense Insurance 2023Test Questions and Answers What type of policy would only provide coverage for specific types of illnesses (cancer, stroke, etc)? - ANSWER Dread Disease insurance. Dread disease insurance provides benefits for ONLY specific types of illness such as cancer or stroke. All of the following plans allow for employee contributions to be taken on a pre-tax basis EXCEPT: - ANSWER Health Reimbursement Arrangement Plan (HRA's). Not for employees. -Exceptions include: -Selection 125 Plan -Premium Only Plan -Cafeteria Plan Jennifer is required to pay on a specific sum out of pocket before any benefits are paid in a year. Her health policy most likely contains a (n) - ANSWER Deductible. A deductibles is a stated initial dollar amount that the individual insured is required to pay before insurance benefits are paid. Amy has a group medical policy through her employer with a $500 deductible and a 90% coinsurance provision. She incurs $1,500 in covered health care services. How much will her group insurance carrier pay? - ANSWER $900.00. In this situation, the group insurance carrier will pay 90% of the covered loss after the deductible has been applied. Which of the following is NOT included under a health benefit plan? - ANSWER Hospital Indemnity Plan. -Exceptions include: -Major medical policy -Basic hospital policy -Surgical Expense policy