Quiz – How Well Do You Understand Your Health Insurance?

Which of the following is the best definition of the term “annual health insurance deductible”?

Which statement describes the difference between a copayment and coinsurance?

Your health insurance plan has a $1,000 deductible for hospital care and a $250 per-day copayment once the deductible is met. You are hospitalized for 4 days, and the hospital charges negotiated with the insurance company (the “allowed amount”) total $6,000. How much would you be responsible for paying?

Which statement describes a Health Savings Account (HSA)?

When you receive care from an out-of-network medical professional or facility, what costs might you be responsible for? (“Out of network” refers to a doctor, hospital, or facility that does not have a contract with your health insurance plan.)

Under federal “surprise billing” protections, patients are generally shielded from higher out-of-network charges when they receive:

What does it mean when a health care professional says that a test, procedure, or medication requires “prior authorization” in order for insurance to cover it?

Which of the following best describes a prescription drug “formulary”?

Which of the following are required to publicly post prices for health care services?