OTD 417 - Health Insurance Questions with 100% Correct Answers

What percentage of all bankruptcies were tied to a medical cost? Correct Answer 66.5% How much money have Americans borrowed to pay for healthcare in the last 12 months? Correct Answer $88 billion How much money have Americans sacrificed for savings and east egg goals to cover unexpected health care issues? Correct Answer $126 billion How many Americans have had a health problem and didn't seek care because they couldn't afford it? Correct Answer 1 in 4 How many Americans were unable to pay for a prescribed medication Correct Answer 48 million When was the Affordable Care act enacted? Correct Answer March 2010 What does the Affordable Care Act do? Correct Answer • Expands Medicaid coverage for individuals and families who fall below 138% of the federal poverty line (FPL) • Allows individuals to apply for tax credits to help offset cost of health insurance • Requires coverage for Essential Health Benefits & Preventative Care • Penalties for employers with 50+ FTE employees who don't offer coverage • Dependent coverage up to age 26 • No pre-existing conditions; guarantee issue • Caps out of pocket maximums ($8,700;$17,400 for 2022) What are advanced premium tax credits? Correct Answer subsidies When are advanced premium tax credits available Correct Answer - only available on individual plans bought through marketplace - Available to households between 100-400% of the FPL What percentage of camp did the CARES act remove? Correct Answer 400% What does the CARES act provide? Correct Answer subsidies if premiums cost more than 9.5% of MAGI (modified gross income) TRUE/FALSE: Cannot be eligible for employer benefits for advanced premium tax credits Correct Answer TRUE What percentage of health insurance are employment based? Correct Answer 47% What percentage of people are uninsured? Correct Answer 14%