HMOs, PPOs, EPOs: It's health insurance 101!

Staff

4 Min Quiz

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About This Quiz

Finding the right health insurance coverage for your family can be daunting. There are so many options -- and prices for each option -- it's not something to take lightly. And you need to understand your family's needs before you decide on a plan. Think those chemistry tests in high school were bad? See how you do on our health insurance quiz!

Which of the following explains coinsurance?

Coinsurance is when a provider requires you to pay a portion of all health costs, even if your deductible has been met.

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True or false: Medicaid is only for the very poor or disabled.

Thanks to the new health care reform, if you've recently lost your job you could be eligible for Medicaid, a program that used to be reserved for the poor and disabled.

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True or false: If you don't have health insurance, you must pay the full, billed price.

Occasionally, doctors will be open to negotiating your bill for a lower price if you do not have health insurance.

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True or false: Choosing a health insurance plan with the lowest deductible is the best option.

You have to look at the average costs of using the plan for at least a year to determine if it is the one that works best with your budget.

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Which of the following is true of the government's health care reform?

There is much anticipation around the health care reform, including the ideas that everyone will be insured, pre-existing conditions won't matter and the start date of the new plan -- all of which are true.

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True or false: An employee plan is the only way you can benefit from a group discount.

Trade associations and unions often offer group-discounted insurance to freelancers or the self-employed.

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Which of the following will vary from plan to plan?

Every detail of a health insurance plan may vary.

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Which of the following is a definite benefit of an employee plan?

Although some employers may pay a portion of the cost of your insurance, not all do. But getting a group discount is a certain benefit you will receive when you sign up through your employer.

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True or false: Catastrophic insurance is the cheapest and best plan for a family.

Catastrophic insurance is meant to cover you in emergency situations when you cannot afford full health coverage. For a low monthly fee, you will be covered for major health issues, but day to day appointments are not covered.

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True or false: The cheapest plan isn't always the one with the lowest monthly cost.

The plan with the lowest monthly cost may be more expensive in the long-run due to copays and deductibles.

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Which of the following must insurance companies cover?

There is no law mandating that an insurance company cover any of these.

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True or false: A dependent can leave a parent's insurance and then return to it.

As long as the dependent is still under the policy's age limit, they may leave a parent's plan and then return to it.

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True or false: If you leave your employer, you can remain on your employer's insurance plan for up to a year and a half.

COBRA allows you to keep your employee plan, but your monthly payments will be more expensive since your employer will no longer be paying its share.

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True or false: All health insurance policies cover maternity costs.

Most individual, private plans do not cover pregnancy unless you've purchased a special supplement.

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Which of the following may not be covered under your insurance plan?

Coverage varies from plan to plan, so one specific plan might not cover any of these.

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Until what age can you cover your dependent?

While most plans used to cut off dependent coverage at 21 or 23, the new health care law has extended coverage until the age of 26.

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What percent of your out of network costs does a PPO plan usually cover?

The average is about 70 percent of the cost, leaving you to pay the remaining 30 percent out of pocket.

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True or false: If you cannot afford an HMO or PPO, you have no other option for affordable health insurance.

There are many other options that are more affordable, some of which are even funded by the government.

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True or false: As long as you have a referral, an HMO will cover your care at any specialist you choose.

HMO plans require you to get a referral from your primary care physician to see a specialist, but the plan will only cover a specialist within your network.

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Which of the following health insurance plans are best for someone who travels frequently?

An EPO, or exclusive provider plan, functions like an HMO with a nationwide network of doctors.

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