An individual with a health savings account must be covered by a high-deductible health plan with a minimum annual deductible and no out of pocket maximum. True or False. True False
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- What are the advantages and disadvantages of HAS along with a high-deductible health insurance plan?Which of the following are deductible medical expenses? Select all that apply. Nonprescription drugs (i.e., over the counter drugs) Vitamins and other health supplements A gym membership Visiting a dentist for a teeth clearning Prescription Drugs Transportation and lodging related to medical careIn the context of the health insurance and the life insurance, choose the sentence that IS NOT CORRECT: * The deductible in a health insurance is an amount of money the insured must pay before benefits become payable by the insurance company. When we buy a health insurance, we should make sure that we have enough insurance (the opportunity cost of not being adequately insured can be extremely high), but without wasting money by overinsuring Group Health Insurance (most of them being employer sponsored) represents a small percentage (around 5%) of all health insurance issued by health and life insurance companies. In a life insurance, a person purchases a policy by paying a premium and the insurance company promises to pay a sum of money at the time of the policyholder’s death to the designated beneficiary.
- An important distinction in health insurance is between the list price (PL) and out-of-pocket price (PP) of a medical good or service. The list price is the official price that the provider charges the insurance company, while the out-of-pocket price is the price that the insurance customer faces. Sometimes, the out-of-pocket price depends on the list price. Now assume the consumer is part of a partial insurance plan with a coinsurance provision. Her insurance pays 50% of all medical expenses. Consider again the relationship between PL and PP and plot a coinsurance plan demand curve in PL - Q space. Label this curve D3. Finally, assume the consumer is part of a partial insurance plan with a copayment provision. Her insurance pays all expenses above and beyond her copayment of $25 for each unit of Q. Consider again the relationship between PL and PP and plot a copayment-plan demand curve in PL - Q space. Label this curve D4.Accounting for postretirement health care benefits is similar, in most respects, to accounting o O Multiple Choice O Payroll taxes. Health insurance costs for current employees. Pension benefits. Sick pay and vacation pay.For 2022, the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is: Multiple Choice $1,400. $14,100. $13,800. $7,050.
- is an amount one pays out of pocket for an insurance claim before your insurance benefits kick in. An Insurance Deductible Insurance Claim O Insurance premium O Coverage LimitA good health insurance plan should: Multiple Choice O impose no unreasonable exclusions. provide at least a $1 million lifetime maximum for each family member. pay at least 80 percent for out-of-hospital expenses after the yearly deductible. provide least 120 days' hospital room and board in full. offer all of the listed provisions.Examples of health insurance offsets include all of the following, EXCEPT: a) Co-pays b) Deductibles c) Co-insurance d) Preventive programs
- 8. What is the difference between a copay and coinsurance? a. Copay is typically a percentage of the health care service, coinsurance is a flat fee b. Copay is typically a flat fee, coinsurance is a percentage of the health care service c. Copay is paid by the individual when receiving a health care service, coinsurance is paid by the insurance companyWith respect to employer-sponsored health insurance plans, the amount of money a covered participant must pay before health insurance benefits become active is known as which of the following? Select one: a. Premium b. Safe harbor c. Deductible d. CoinsuranceContributions to a Traditional IRA may be tax-deductible depending on the taxpayer's income, tax - filling status, and other factors. Taxes on eamings are deferred until withdrawals begin, which is usually in retirement. 3. Discuss the role of Social Security benefits in a retirement plan by addressing the following: a. Purpose: describe the difference between FICA and Medicare. Next, indicate how each af these benefits are funded (i.e. emplayee, employer, or bath). b. Eligibility: summarize the eligibility requirements for collecting Social Security. c. Benefit Age: summarize the three ages that people usually collect Social Security. If you were close to the youngest age, would you start collecting as soon as possible, or would you delay? If you would delay, indicate the age you would select and provide your rationale. d. Retirement impact: describe the role that Social Security would play in your retirement plan. Based on the information provided in this module, what percentage of a…
