Dynamics of Healthcare- Economics Review Questions and Correct Answers Latest Update 2024
(Already Passed)
Co-insurance - Answers Requires the insured individual to pay a fixed percentage of the loss after the
deductible has been paid
Co-pay - Answers A fixed fee that an individual pays for specific medical services, like a visit to the
doctor's office.
Deductible - Answers Specified amount of money that the insured must pay for covered medical
expenses before the insurance policy begins to pay; usually annual amount per individual or family
Medicaid - Answers Federal program that provides medical benefits for low-income persons.
Medicare - Answers A federal program of health insurance for persons 65 years of age and older
Premium - Answers Amount you pay monthly, quarterly, semiannually or annually to purchase different
types of insurance
direct payment - Answers the act of paying for health care with one's own money
Health Savings Account (HSA) - Answers a tax-free savings account—funded by employees, employer, or
both—to spend on routine medical costs. Usually combined with a high-deductible policy to pay for
catastrophic care
TRICARE - Answers military health plan that provides services for active duty personnel and their
families, survivors of military personnel and retired military personnel and their families
in-network provider - Answers a health care provider who has a contract with a managed care insurance
plan
Out-of-network provider - Answers a health care provider who is not in a particular managed care health
insurance plan
private insurance - Answers Insurance furnished by nongovernmental insuring organizations.
voluntary nonprofit institution - Answers a community facility that receives federal, state, and local tax
exemptions in exchange for providing a community benefit, such as services to Medicaid patients and
those who are unable to pay
Flexible Spending Account (FSA) - Answers a monetary account, offered through an employer, into
which money is put through payroll deductions, before it is taxed. Funds can be withdrawn for qualified
medical expenses as needed, but the funds must be spent each year
Point of Service Plan (POS) - Answers -low premium and copay, high deductible
-covers some of out of network physicians, but needs referrals
(Already Passed)
Co-insurance - Answers Requires the insured individual to pay a fixed percentage of the loss after the
deductible has been paid
Co-pay - Answers A fixed fee that an individual pays for specific medical services, like a visit to the
doctor's office.
Deductible - Answers Specified amount of money that the insured must pay for covered medical
expenses before the insurance policy begins to pay; usually annual amount per individual or family
Medicaid - Answers Federal program that provides medical benefits for low-income persons.
Medicare - Answers A federal program of health insurance for persons 65 years of age and older
Premium - Answers Amount you pay monthly, quarterly, semiannually or annually to purchase different
types of insurance
direct payment - Answers the act of paying for health care with one's own money
Health Savings Account (HSA) - Answers a tax-free savings account—funded by employees, employer, or
both—to spend on routine medical costs. Usually combined with a high-deductible policy to pay for
catastrophic care
TRICARE - Answers military health plan that provides services for active duty personnel and their
families, survivors of military personnel and retired military personnel and their families
in-network provider - Answers a health care provider who has a contract with a managed care insurance
plan
Out-of-network provider - Answers a health care provider who is not in a particular managed care health
insurance plan
private insurance - Answers Insurance furnished by nongovernmental insuring organizations.
voluntary nonprofit institution - Answers a community facility that receives federal, state, and local tax
exemptions in exchange for providing a community benefit, such as services to Medicaid patients and
those who are unable to pay
Flexible Spending Account (FSA) - Answers a monetary account, offered through an employer, into
which money is put through payroll deductions, before it is taxed. Funds can be withdrawn for qualified
medical expenses as needed, but the funds must be spent each year
Point of Service Plan (POS) - Answers -low premium and copay, high deductible
-covers some of out of network physicians, but needs referrals
