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Employer-Sponsored Health Insurance

Description: Employer-Sponsored Health Insurance Quiz
Number of Questions: 15
Created by:
Tags: healthcare financing employer-sponsored health insurance
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Which of the following is NOT a type of employer-sponsored health insurance plan?

  1. Health Maintenance Organization (HMO)

  2. Preferred Provider Organization (PPO)

  3. Point-of-Service (POS) Plan

  4. High-Deductible Health Plan (HDHP)

Show answer
Correct Option: D
Explanation:

HDHPs are not employer-sponsored health insurance plans, but rather a type of health insurance plan that is often paired with a health savings account (HSA).

What is the main advantage of an HMO?

  1. Lower premiums

  2. More choice of providers

  3. Lower out-of-pocket costs

  4. More flexibility

Show answer
Correct Option: A
Explanation:

HMOs typically have lower premiums than other types of health insurance plans because they have a limited network of providers.

What is the main disadvantage of an HMO?

  1. Higher premiums

  2. Less choice of providers

  3. Higher out-of-pocket costs

  4. Less flexibility

Show answer
Correct Option: B
Explanation:

HMOs typically have a limited network of providers, which means that patients may have fewer choices when it comes to selecting a doctor or hospital.

What is the main advantage of a PPO?

  1. Lower premiums

  2. More choice of providers

  3. Lower out-of-pocket costs

  4. More flexibility

Show answer
Correct Option: B
Explanation:

PPOs typically have a larger network of providers than HMOs, which means that patients have more choices when it comes to selecting a doctor or hospital.

What is the main disadvantage of a PPO?

  1. Higher premiums

  2. Less choice of providers

  3. Higher out-of-pocket costs

  4. Less flexibility

Show answer
Correct Option: A
Explanation:

PPOs typically have higher premiums than HMOs because they have a larger network of providers.

What is a POS plan?

  1. A type of HMO that allows patients to see out-of-network providers

  2. A type of PPO that has a lower deductible

  3. A type of health insurance plan that combines features of HMOs and PPOs

  4. A type of health insurance plan that is only available to employees of small businesses

Show answer
Correct Option: C
Explanation:

POS plans combine features of HMOs and PPOs, allowing patients to choose whether to stay within the network or go out-of-network.

What is the main advantage of a POS plan?

  1. Lower premiums

  2. More choice of providers

  3. Lower out-of-pocket costs

  4. More flexibility

Show answer
Correct Option: D
Explanation:

POS plans offer more flexibility than HMOs and PPOs because patients can choose whether to stay within the network or go out-of-network.

What is the main disadvantage of a POS plan?

  1. Higher premiums

  2. Less choice of providers

  3. Higher out-of-pocket costs

  4. Less flexibility

Show answer
Correct Option: C
Explanation:

POS plans typically have higher out-of-pocket costs than HMOs and PPOs because patients are responsible for a larger share of the costs when they go out-of-network.

What is an HDHP?

  1. A type of health insurance plan with a high deductible and a low premium

  2. A type of health insurance plan that is only available to employees of large businesses

  3. A type of health insurance plan that is only available to individuals who are self-employed

  4. A type of health insurance plan that is only available to people who are over the age of 65

Show answer
Correct Option: A
Explanation:

HDHPs are health insurance plans with a high deductible and a low premium. They are often paired with a health savings account (HSA).

What is the main advantage of an HDHP?

  1. Lower premiums

  2. More choice of providers

  3. Lower out-of-pocket costs

  4. More flexibility

Show answer
Correct Option: A
Explanation:

HDHPs typically have lower premiums than other types of health insurance plans because they have a higher deductible.

What is the main disadvantage of an HDHP?

  1. Higher premiums

  2. Less choice of providers

  3. Higher out-of-pocket costs

  4. Less flexibility

Show answer
Correct Option: C
Explanation:

HDHPs typically have higher out-of-pocket costs than other types of health insurance plans because patients are responsible for a larger share of the costs until they meet their deductible.

What is a health savings account (HSA)?

  1. A savings account that can be used to pay for qualified medical expenses

  2. A savings account that can be used to pay for any type of expense

  3. A savings account that is only available to employees of large businesses

  4. A savings account that is only available to individuals who are self-employed

Show answer
Correct Option: A
Explanation:

HSAs are savings accounts that can be used to pay for qualified medical expenses. They are often paired with HDHPs.

What are the benefits of an HSA?

  1. Tax-free contributions

  2. Tax-free growth

  3. Tax-free withdrawals for qualified medical expenses

  4. All of the above

Show answer
Correct Option: D
Explanation:

HSAs offer tax-free contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

Who is eligible for an HSA?

  1. Individuals who are covered by an HDHP

  2. Individuals who are self-employed

  3. Individuals who are under the age of 65

  4. All of the above

Show answer
Correct Option: D
Explanation:

Individuals who are covered by an HDHP, individuals who are self-employed, and individuals who are under the age of 65 are all eligible for an HSA.

What is the maximum annual contribution limit for an HSA in 2023?

  1. $3,850 for individuals and $7,750 for families

  2. $4,000 for individuals and $8,000 for families

  3. $4,500 for individuals and $9,000 for families

  4. $5,000 for individuals and $10,000 for families

Show answer
Correct Option: B
Explanation:

The maximum annual contribution limit for an HSA in 2023 is $4,000 for individuals and $8,000 for families.

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